UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08228
The Timothy Plan
(Exact name of registrant as specified in charter)
1055 Maitland Center Commons, Maitland, FL 32751
(Address of principal executive offices) (Zip code)
Art Ally, The Timothy Plan
1055 Maitland Center Commons, Maitland, FL 32751
(Name and address of agent for service)
Registrants telephone number, including area code: 800-846-7526
Date of fiscal year end: 9/30
Date of reporting period: 3/31/22
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Registrants audited annual financial reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:
Fund Profile
As of March 31, 2022 (Unaudited)
Aggressive Growth Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Semiconductors |
12.5% | |||
Software |
11.9% | |||
Medical Equipment & Devices |
9.5% | |||
Money Market Fund |
8.2% | |||
Apparel & Textile Products |
6.9% | |||
Biotechnology & Pharmaceuticals |
6.3% | |||
Machinery |
5.7% | |||
Technology Hardware |
4.9% | |||
Industrial Support Services |
4.2% | |||
Electrical Equipment |
4.1% | |||
Other Assets Less Liabilities - Net |
25.8% | |||
|
|
|||
100.0% | ||||
|
|
|||
Large/Mid Cap Growth Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Exchange Traded Funds |
18.0% | |||
Semiconductors |
12.9% | |||
Software |
9.4% | |||
Retail - Discretionary |
7.6% | |||
Technology Services |
6.6% | |||
Biotech & Pharma |
5.8% | |||
Medical Equipment & Devices |
5.2% | |||
Money Market Fund |
4.6% | |||
Retail - Consumer Staples |
4.3% | |||
Insurance |
3.3% | |||
Other Assets Less Liabilities - Net |
22.3% | |||
|
|
|||
100.0% | ||||
|
|
|||
Large/Mid Cap Value Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Exchange Traded Funds |
22.6% | |||
Semiconductors |
12.3% | |||
Software |
5.7% | |||
Oil & Gas Producers |
5.7% | |||
Medical Equipment & Devices |
4.9% | |||
REITs |
4.3% | |||
Food |
4.1% | |||
Electric Utilities |
4.1% | |||
Retail - Discretionary |
4.0% | |||
Diversified Industrials |
3.9% | |||
Other Assets Less Liabilities - Net |
28.4% | |||
|
|
|||
100.0% | ||||
|
|
|||
High Yield Bond Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Corporate Bonds |
95.6% | |||
Convertible Bonds |
2.2% | |||
Money Market Fund |
0.8% | |||
Preferred Stock |
0.0% | * | ||
Other Assets Less Liabilities - Net |
1.4% | |||
|
|
|||
100.0% | ||||
|
|
|||
* Less than 0.05% |
International Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Banking |
10.9% | |||
Insurance |
7.3% | |||
Machinery |
6.7% | |||
Semiconductors |
6.7% | |||
Medical Equipment & Devices |
6.3% | |||
Oil & Gas Producers |
6.0% | |||
Technology Services |
4.8% | |||
Money Market Fund |
4.7% | |||
Software |
4.0% | |||
Engineering & Construction |
3.9% | |||
Other Assets Less Liabilities - Net |
38.7% | |||
|
|
|||
100.0% | ||||
|
|
|||
Small Cap Value Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Banking |
13.0% | |||
Exchange Traded Fund |
11.7% | |||
Machinery |
7.0% | |||
REITs |
6.5% | |||
Oil & Gas Producers |
6.3% | |||
Chemicals |
5.5% | |||
Medical Equipment & Devices |
4.7% | |||
Retail - Discretionary |
4.5% | |||
Home Construction |
4.1% | |||
Institutional Financial Services |
3.8% | |||
Other Assets Less Liabilities - Net |
32.9% | |||
|
|
|||
100.0% | ||||
|
|
|||
Fixed Income Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
U.S. Government & Agencies |
73.3% | |||
Corporate Bonds |
21.3% | |||
Non U.S. Government & Agencies |
3.0% | |||
Money Market Fund |
1.6% | |||
Other Assets Less Liabilities - Net |
0.8% | |||
|
|
|||
100.0% | ||||
|
|
|||
Israel Common Values Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Banking |
16.0% | |||
Real Estate /Owners & Developers |
12.4% | |||
Software |
11.5% | |||
Oil & Gas Producers |
6.1% | |||
Semiconductors |
5.7% | |||
Money Market Fund |
5.5% | |||
Insurance |
5.4% | |||
Apparel & Textile Products |
3.7% | |||
Aerospace & Defense |
3.4% | |||
Chemicals |
3.4% | |||
Other Assets Less Liabilities - Net |
26.9% | |||
|
|
|||
100.0% | ||||
|
|
1
Fund Profile
As of March 31, 2022 (Unaudited) (Continued)
Defensive Strategies Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
U.S. Government & Agencies |
26.5% | |||
REITs |
21.2% | |||
Precious Metals - Physical Holding |
15.6% | |||
Metals & Mining |
6.8% | |||
Money Market Fund |
6.7% | |||
Oil & Gas Producers |
5.5% | |||
Closed End Fund |
4.9% | |||
Chemicals |
2.8% | |||
Exchange Traded Fund |
2.0% | |||
Machinery |
1.3% | |||
Other Assets Less Liabilities - Net |
6.7% | |||
|
|
|||
100.0% | ||||
|
|
|||
Conservative Growth Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Open End Funds |
57.1% | |||
Exchange Traded Funds |
38.9% | |||
Money Market Fund |
4.0% | |||
Other Assets Less Liabilities - Net |
0.0% | * | ||
|
|
|||
100.0% | ||||
|
|
|||
* Less than 0.05% |
Strategic Growth Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Exchange Traded Funds |
56.4% | |||
Open End Funds |
40.4% | |||
Money Market Fund |
3.2% | |||
Other Assets Less Liabilities - Net |
0.0% | * | ||
|
|
|||
100.0% | ||||
|
|
|||
* Less than 0.05% |
||||
Growth & Income Fund |
||||
Top Ten Industries |
||||
(% of Net Assets) |
||||
Exchange Traded Funds |
62.7% | |||
U.S. Government & Agencies |
27.2% | |||
Corporate Bonds |
6.6% | |||
Non U.S. Government & Agencies |
1.0% | |||
Money Market Fund |
0.4% | |||
Other Assets Less Liabilities - Net |
2.1% | |||
|
|
|||
100.0% | ||||
|
|
2
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 92.2% | ||||||||||||
AEROSPACE & DEFENSE - 0.9% | ||||||||||||
639 | TransDigm Group, Inc.(a) |
$ | 416,334 | |||||||||
|
|
|
||||||||||
APPAREL & TEXTILE PRODUCTS - 6.9% | ||||||||||||
26,304 | Capri Holdings Ltd.(a) |
1,351,763 | ||||||||||
2,579 | Deckers Outdoor Corporation(a) |
706,053 | ||||||||||
29,749 | Tapestry, Inc. |
1,105,175 | ||||||||||
|
|
|
||||||||||
3,162,991 | ||||||||||||
|
|
|
||||||||||
BANKING - 3.3% | ||||||||||||
5,236 | Signature Bank |
1,536,714 | ||||||||||
|
|
|
||||||||||
BIOTECHNOLOGY & PHARMACEUTICALS - 6.3% | ||||||||||||
20,294 | Horizon Therapeutics PLC(a) |
2,135,131 | ||||||||||
4,138 | United Therapeutics Corporation(a) |
742,399 | ||||||||||
|
|
|
||||||||||
2,877,530 | ||||||||||||
|
|
|
||||||||||
CHEMICALS - 3.8% | ||||||||||||
7,988 | Albemarle Corporation |
1,766,546 | ||||||||||
|
|
|
||||||||||
CONSTRUCTION MATERIALS - 1.6% | ||||||||||||
1,947 | Martin Marietta Materials, Inc. |
749,381 | ||||||||||
|
|
|
||||||||||
ELECTRICAL EQUIPMENT - 4.1% | ||||||||||||
4,506 | Generac Holdings, Inc.(a) |
1,339,453 | ||||||||||
3,671 | Trane Technologies PLC |
560,562 | ||||||||||
|
|
|
||||||||||
1,900,015 | ||||||||||||
|
|
|
||||||||||
ENGINEERING & CONSTRUCTION - 1.8% | ||||||||||||
6,411 | Quanta Services, Inc. |
843,752 | ||||||||||
|
|
|
||||||||||
FOOD - 1.8% | ||||||||||||
10,181 | Darling Ingredients, Inc.(a) |
818,349 | ||||||||||
|
|
|
||||||||||
HEALTH CARE FACILITIES & SERVICES - 3.7% | ||||||||||||
6,460 | Catalent, Inc.(a) |
716,414 | ||||||||||
4,047 | ICON PLC(a) |
984,311 | ||||||||||
|
|
|
||||||||||
1,700,725 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
3
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 92.2% (Continued) | ||||||||||||
INDUSTRIAL SUPPORT SERVICES - 4.2% | ||||||||||||
5,503 | United Rentals, Inc.(a) |
$ | 1,954,721 | |||||||||
|
|
|
||||||||||
LEISURE FACILITIES & SERVICES - 1.9% | ||||||||||||
40,303 | Bloomin Brands, Inc. |
884,248 | ||||||||||
|
|
|
||||||||||
MACHINERY - 5.7% | ||||||||||||
6,510 | Lincoln Electric Holdings, Inc. |
897,143 | ||||||||||
9,435 | Oshkosh Corporation |
949,632 | ||||||||||
2,663 | Parker-Hannifin Corporation |
755,653 | ||||||||||
|
|
|
||||||||||
2,602,428 | ||||||||||||
|
|
|
||||||||||
MEDICAL EQUIPMENT & DEVICES - 9.5% | ||||||||||||
46,042 | Avantor, Inc.(a) |
1,557,141 | ||||||||||
1,061 | DexCom, Inc.(a) |
542,808 | ||||||||||
5,065 | Insulet Corporation(a) |
1,349,265 | ||||||||||
1,774 | Steris PLC |
428,900 | ||||||||||
1,375 | Teleflex, Inc. |
487,891 | ||||||||||
|
|
|
||||||||||
4,366,005 | ||||||||||||
|
|
|
||||||||||
RETAIL - CONSUMER STAPLES - 3.7% | ||||||||||||
10,634 | Dollar Tree, Inc.(a) |
1,703,035 | ||||||||||
|
|
|
||||||||||
SEMICONDUCTORS - 12.5% | ||||||||||||
1,932 | KLA Corporation |
707,228 | ||||||||||
28,579 | Marvell Technology, Inc. |
2,049,400 | ||||||||||
4,239 | Monolithic Power Systems, Inc. |
2,058,797 | ||||||||||
3,217 | Skyworks Solutions, Inc. |
428,762 | ||||||||||
4,539 | Teradyne, Inc. |
536,646 | ||||||||||
|
|
|
||||||||||
5,780,833 | ||||||||||||
|
|
|
||||||||||
SOFTWARE - 11.9% | ||||||||||||
2,902 | Fortinet, Inc.(a) |
991,729 | ||||||||||
498 | HubSpot, Inc.(a) |
236,520 | ||||||||||
2,900 | Palo Alto Networks, Inc.(a) |
1,805,279 | ||||||||||
17,373 | Rapid7, Inc.(a) |
1,932,573 | ||||||||||
11,082 | Varonis Systems, Inc.(a) |
526,838 | ||||||||||
|
|
|
||||||||||
5,492,939 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
4
TIMOTHY PLAN AGGRESSIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 92.2% (Continued) | ||||||||||||
TECHNOLOGY HARDWARE - 4.9% | ||||||||||||
4,649 | Arista Networks, Inc.(a) |
$ | 646,118 | |||||||||
17,838 | Seagate Technology Holdings PLC |
1,603,636 | ||||||||||
|
|
|
||||||||||
2,249,754 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY SERVICES - 1.8% | ||||||||||||
1,678 | MSCI, Inc. |
843,833 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION & LOGISTICS - 1.9% | ||||||||||||
11,922 | XPO Logistics, Inc.(a) |
867,922 | ||||||||||
|
|
|
||||||||||
TOTAL COMMON STOCKS (Cost $32,214,727) | 42,518,055 | |||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENT 8.2% | ||||||||||||
MONEY MARKET FUND - 8.2% | ||||||||||||
3,761,786 | Fidelity Government Portfolio, Class I, 0.12% (Cost $3,761,786)(b) |
3,761,786 | ||||||||||
|
|
|
||||||||||
TOTAL INVESTMENTS - 100.4% (Cost $35,976,513) | $ | 46,279,841 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (168,544 | ) | ||||||||||
|
|
|
||||||||||
NET ASSETS - 100.0% | $ | 46,111,297 | ||||||||||
|
|
|
LTD | - Limited Company | |
MSCI | - Morgan Stanley Capital International | |
PLC | - Public Limited Company | |
(a) Non-income producing security. | ||
(b) Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
5
TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 95.0% | ||||||||||||
AEROSPACE & DEFENSE - 1.5% | ||||||||||||
70,000 | Safran S.A. - ADR |
$ | 2,058,000 | |||||||||
|
|
|
||||||||||
ASSET MANAGEMENT - 0.1% | ||||||||||||
6,072 | XP, Inc., Class A(a) |
182,767 | ||||||||||
|
|
|
||||||||||
AUTOMOTIVE - 3.1% | ||||||||||||
65,800 | Magna International, Inc. |
4,231,598 | ||||||||||
|
|
|
||||||||||
BANKING - 10.9% | ||||||||||||
41,539 | DBS Group Holdings Ltd. - ADR |
4,330,856 | ||||||||||
99,000 | DNB Bank ASA - ADR |
2,234,430 | ||||||||||
35,200 | HDFC Bank Ltd. - ADR |
2,158,816 | ||||||||||
112,100 | ICICI Bank Ltd. - ADR |
2,123,174 | ||||||||||
287,000 | Itau Unibanco Holding S.A. - ADR |
1,638,770 | ||||||||||
73,600 | KBC Group N.V. - ADR |
2,641,504 | ||||||||||
|
|
|
||||||||||
15,127,550 | ||||||||||||
|
|
|
||||||||||
CHEMICALS - 3.2% | ||||||||||||
62,200 | Air Liquide S.A. - ADR |
2,174,512 | ||||||||||
18,100 | Arkema S.A. - ADR |
2,169,285 | ||||||||||
|
|
|
||||||||||
4,343,797 | ||||||||||||
|
|
|
||||||||||
CONSTRUCTION MATERIALS - 2.2% | ||||||||||||
44,100 | CRH plc - ADR |
1,766,646 | ||||||||||
27,500 | Xinyi Glass Holdings Ltd. - ADR |
1,323,025 | ||||||||||
|
|
|
||||||||||
3,089,671 | ||||||||||||
|
|
|
||||||||||
ELECTRIC UTILITIES - 1.7% | ||||||||||||
342,000 | Enel SpA - ADR |
2,274,300 | ||||||||||
|
|
|
||||||||||
ELECTRICAL EQUIPMENT - 2.4% | ||||||||||||
96,400 | Schneider Electric S.E. - ADR |
3,256,392 | ||||||||||
|
|
|
||||||||||
ENGINEERING & CONSTRUCTION - 3.9% | ||||||||||||
59,000 | Cellnex Telecom S.A. - ADR |
1,422,490 | ||||||||||
155,000 | Vinci S.A. - ADR |
3,949,400 | ||||||||||
|
|
|
||||||||||
5,371,890 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
6
TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 95.0% (Continued) | ||||||||||||
FOOD - 3.2% | ||||||||||||
25,700 | Kerry Group plc - ADR |
$ | 2,942,650 | |||||||||
52,000 | Mowi ASA - ADR |
1,399,580 | ||||||||||
|
|
|
||||||||||
4,342,230 | ||||||||||||
|
|
|
||||||||||
HEALTH CARE FACILITIES & SERVICES - 2.1% | ||||||||||||
12,000 | ICON PLC(a) |
2,918,640 | ||||||||||
|
|
|
||||||||||
HOUSEHOLD PRODUCTS - 0.7% | ||||||||||||
46,000 | Beiersdorf A.G. - ADR |
965,540 | ||||||||||
|
|
|
||||||||||
INDUSTRIAL SUPPORT SERVICES - 1.8% | ||||||||||||
9,400 | Ashtead Group plc - ADR |
2,409,408 | ||||||||||
|
|
|
||||||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.3% | ||||||||||||
174,500 | Deutsche Boerse A.G. - ADR |
3,123,550 | ||||||||||
|
|
|
||||||||||
INSURANCE - 7.3% | ||||||||||||
54,200 | Ageas S.A./NV - ADR |
2,746,856 | ||||||||||
64,500 | AIA Group Ltd. - ADR |
2,698,680 | ||||||||||
66,400 | Muenchener Rueckversicherungs-Gesellschaft A.G. in - ADR |
1,767,568 | ||||||||||
113,600 | Sampo OYJ - ADR |
2,765,024 | ||||||||||
|
|
|
||||||||||
9,978,128 | ||||||||||||
|
|
|
||||||||||
INTERNET MEDIA & SERVICES - 0.2% | ||||||||||||
43,600 | Yandex N.V., Class A(a)(b) |
282,964 | ||||||||||
|
|
|
||||||||||
LEISURE PRODUCTS - 1.2% | ||||||||||||
71,000 | Shimano, Inc. - ADR |
1,623,770 | ||||||||||
|
|
|
||||||||||
MACHINERY - 6.7% | ||||||||||||
58,500 | Atlas Copco A.B. - ADR |
2,658,240 | ||||||||||
79,000 | FANUC Corporation - ADR |
1,386,450 | ||||||||||
66,350 | Techtronic Industries Company Ltd. - ADR |
5,264,873 | ||||||||||
|
|
|
||||||||||
9,309,563 | ||||||||||||
|
|
|
||||||||||
MEDICAL EQUIPMENT & DEVICES - 6.3% | ||||||||||||
41,200 | Alcon, Inc. |
3,268,396 |
The accompanying notes are an integral part of these financial statements.
7
TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 95.0% (Continued) | ||||||||||||
MEDICAL EQUIPMENT & DEVICES - 6.3% (Continued) | ||||||||||||
30,300 | Hoya Corporation - ADR |
$ | 3,451,776 | |||||||||
59,900 | Smith & Nephew plc - ADR |
1,910,810 | ||||||||||
|
|
|
||||||||||
8,630,982 | ||||||||||||
|
|
|
||||||||||
METALS & MINING - 1.5% | ||||||||||||
25,800 | Rio Tinto plc - ADR |
2,074,320 | ||||||||||
|
|
|
||||||||||
OIL & GAS PRODUCERS - 6.0% | ||||||||||||
146,000 | Equinor ASA - ADR |
5,476,460 | ||||||||||
438,000 | Galp Energia SGPS S.A. - ADR |
2,746,260 | ||||||||||
|
|
|
||||||||||
8,222,720 | ||||||||||||
|
|
|
||||||||||
RETAIL - CONSUMER STAPLES - 1.6% | ||||||||||||
92,000 | Seven & i Holdings Company Ltd. - ADR |
2,185,000 | ||||||||||
|
|
|
||||||||||
RETAIL - DISCRETIONARY - 0.6% | ||||||||||||
2,700 | ANTA Sports Products Ltd. - ADR |
835,029 | ||||||||||
|
|
|
||||||||||
SEMICONDUCTORS - 6.7% | ||||||||||||
5,950 | ASML Holding N.V. - ADR |
3,974,183 | ||||||||||
14,500 | NXP Semiconductors N.V. |
2,683,660 | ||||||||||
25,900 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR |
2,700,334 | ||||||||||
|
|
|
||||||||||
9,358,177 | ||||||||||||
|
|
|
||||||||||
SOFTWARE - 4.0% | ||||||||||||
13,800 | Nice Ltd. - ADR(a) |
3,022,200 | ||||||||||
34,640 | Open Text Corporation |
1,468,736 | ||||||||||
1,450 | Shopify, Inc., Class A(a) |
980,142 | ||||||||||
|
|
|
||||||||||
5,471,078 | ||||||||||||
|
|
|
||||||||||
SPECIALTY FINANCE - 2.2% | ||||||||||||
30,900 | ORIX Corporation - ADR |
3,085,365 | ||||||||||
|
|
|
||||||||||
TECHNOLOGY HARDWARE - 1.1% | ||||||||||||
24,638 | FUJIFILM Holdings Corporation - ADR |
1,506,614 | ||||||||||
|
|
|
||||||||||
TECHNOLOGY SERVICES - 4.8% | ||||||||||||
10,800 | Adyen N.V. - ADR(a) |
213,516 |
The accompanying notes are an integral part of these financial statements.
8
TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 95.0% (Continued) | ||||||||||||
TECHNOLOGY SERVICES - 4.8% (Continued) | ||||||||||||
51,000 | Amadeus IT Group S.A. - ADR(a) |
$ | 3,298,680 | |||||||||
89,000 | Infosys Ltd. - ADR |
2,215,210 | ||||||||||
37,700 | Pagseguro Digital Ltd., Class A(a) |
755,885 | ||||||||||
|
|
|
||||||||||
6,483,291 | ||||||||||||
|
|
|
||||||||||
TELECOMMUNICATIONS - 2.0% | ||||||||||||
95,300 | Nippon Telegraph & Telephone Corporation - ADR |
2,774,183 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION & LOGISTICS - 3.7% | ||||||||||||
60,800 | Canadian Pacific Railway Ltd. |
5,018,432 | ||||||||||
|
|
|
||||||||||
TOTAL COMMON STOCKS (Cost $102,856,360) | 130,534,949 | |||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENTS 4.7% | ||||||||||||
MONEY MARKET FUNDS - 4.7% | ||||||||||||
6,459,304 | Fidelity Government Portfolio, CLASS I, 0.11% (Cost $6,459,304)(c) |
6,459,304 | ||||||||||
|
|
|
||||||||||
TOTAL INVESTMENTS - 99.7% (Cost $109,315,664) | $ | 136,994,253 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.3% | 414,356 | |||||||||||
|
|
|
||||||||||
NET ASSETS - 100.0% | $ | 137,408,609 | ||||||||||
|
|
|
ADR | - American Depositary Receipt | |
LTD | - Limited Company | |
NV | - Naamioze Vennootschap | |
OYJ | - Julkinen osakeyhtiö | |
PLC | - Public Limited Company | |
S/A | - Société Anonyme |
(a) | Non-income producing security. |
(b) | Illiquid security. At March 31, 2022, the illiquid security amounted to 0.2% of net assets. |
(c) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
9
TIMOTHY PLAN INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Diversification of Assets | ||||
Country | % of Net Assets | |||
Japan |
11.7% | |||
France |
9.9% | |||
Canada |
8.5% | |||
Norway |
6.6% | |||
Hong Kong |
5.8% | |||
Ireland |
5.6% | |||
Netherlands |
5.2% | |||
India |
4.7% | |||
United Kingdom |
4.7% | |||
Germany |
4.3% | |||
Belgium |
3.9% | |||
Spain |
3.4% | |||
Singapore |
3.2% | |||
Switzerland |
2.4% | |||
Cayman Islands |
2.3% | |||
Israel |
2.2% | |||
Finland |
2.0% | |||
Portugal |
2.0% | |||
Taiwan Province Of China |
2.0% | |||
Sweden |
1.9% | |||
Italy |
1.7% | |||
Brazil |
1.2% | |||
|
|
|||
Total |
95.0% | |||
Money Market Funds |
4.7% | |||
Other Assets Less Liabilities - Net |
0.3% | |||
|
|
|||
Grand Total |
100.0% | |||
|
|
The accompanying notes are an integral part of these financial statements.
10
TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 77.3% | ||||||||||||
AEROSPACE & DEFENSE - 1.1% | ||||||||||||
2,566 | TransDigm Group, Inc.(a) |
$ | 1,671,852 | |||||||||
|
|
|
||||||||||
BANKING - 1.8% | ||||||||||||
5,488 | Signature Bank |
1,610,673 | ||||||||||
11,443 | Western Alliance Bancorp |
947,709 | ||||||||||
|
|
|
||||||||||
2,558,382 | ||||||||||||
|
|
|
||||||||||
BIOTECH & PHARMA - 5.8% | ||||||||||||
32,628 | Horizon Therapeutics plc(a) |
3,432,792 | ||||||||||
6,980 | Neurocrine Biosciences, Inc.(a) |
654,375 | ||||||||||
7,545 | Vertex Pharmaceuticals, Inc.(a) |
1,969,019 | ||||||||||
12,507 | Zoetis, Inc. |
2,358,695 | ||||||||||
|
|
|
||||||||||
8,414,881 | ||||||||||||
|
|
|
||||||||||
CABLE & SATELLITE - 1.4% | ||||||||||||
1,341 | Cable One, Inc. |
1,963,546 | ||||||||||
|
|
|
||||||||||
CHEMICALS - 2.8% | ||||||||||||
17,769 | FMC Corporation |
2,337,867 | ||||||||||
5,307 | Linde PLC |
1,695,215 | ||||||||||
|
|
|
||||||||||
4,033,082 | ||||||||||||
|
|
|
||||||||||
CONSTRUCTION MATERIALS - 0.8% | ||||||||||||
13,484 | Owens Corning |
1,233,786 | ||||||||||
|
|
|
||||||||||
DIVERSIFIED INDUSTRIALS - 2.1% | ||||||||||||
17,369 | Emerson Electric Company |
1,703,030 | ||||||||||
6,646 | Honeywell International, Inc. |
1,293,179 | ||||||||||
|
|
|
||||||||||
2,996,209 | ||||||||||||
|
|
|
||||||||||
ELECTRIC UTILITIES - 1.3% | ||||||||||||
22,673 | NextEra Energy, Inc. |
1,920,630 | ||||||||||
|
|
|
||||||||||
ELECTRICAL EQUIPMENT - 3.2% | ||||||||||||
28,393 | Amphenol Corporation, Class A |
2,139,412 | ||||||||||
21,717 | Fortive Corporation |
1,323,217 | ||||||||||
8,671 | Trane Technologies plc |
1,324,062 | ||||||||||
|
|
|
||||||||||
4,786,691 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
11
TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 77.3% (Continued) | ||||||||||||
HEALTH CARE FACILITIES & SERVICES - 1.2% | ||||||||||||
7,859 | IQVIA Holdings, Inc.(a) |
$ | 1,817,079 | |||||||||
|
|
|
||||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.4% | ||||||||||||
15,477 | Intercontinental Exchange, Inc. |
2,044,821 | ||||||||||
|
|
|
||||||||||
INSURANCE - 3.3% | ||||||||||||
16,733 | Arthur J Gallagher & Company |
2,921,583 | ||||||||||
60,432 | Equitable Holdings, Inc. |
1,867,953 | ||||||||||
|
|
|
||||||||||
4,789,536 | ||||||||||||
|
|
|
||||||||||
LEISURE FACILITIES & SERVICES - 1.3% | ||||||||||||
1,232 | Chipotle Mexican Grill, Inc.(a) |
1,949,061 | ||||||||||
|
|
|
||||||||||
MACHINERY - 2.0% | ||||||||||||
5,870 | Caterpillar, Inc. |
1,307,953 | ||||||||||
15,258 | Oshkosh Corporation |
1,535,718 | ||||||||||
|
|
|
||||||||||
2,843,671 | ||||||||||||
|
|
|
||||||||||
MEDICAL EQUIPMENT & DEVICES - 5.2% | ||||||||||||
5,312 | Danaher Corporation |
1,558,169 | ||||||||||
17,481 | Edwards Lifesciences Corporation(a) |
2,057,863 | ||||||||||
6,302 | Insulet Corporation(a) |
1,678,790 | ||||||||||
7,532 | Intuitive Surgical, Inc.(a) |
2,272,254 | ||||||||||
|
|
|
||||||||||
7,567,076 | ||||||||||||
|
|
|
||||||||||
OIL & GAS PRODUCERS - 1.3% | ||||||||||||
18,248 | ConocoPhillips |
1,824,800 | ||||||||||
|
|
|
||||||||||
RETAIL - CONSUMER STAPLES - 4.3% | ||||||||||||
6,593 | Costco Wholesale Corporation |
3,796,579 | ||||||||||
10,747 | Dollar General Corporation |
2,392,605 | ||||||||||
|
|
|
||||||||||
6,189,184 | ||||||||||||
|
|
|
||||||||||
RETAIL - DISCRETIONARY - 7.6% | ||||||||||||
8,418 | Burlington Stores, Inc.(a) |
1,533,507 | ||||||||||
18,666 | Dicks Sporting Goods, Inc. |
1,866,973 | ||||||||||
44,108 | Foot Locker, Inc. |
1,308,243 | ||||||||||
9,657 | Lowes Companies, Inc. |
1,952,549 |
The accompanying notes are an integral part of these financial statements.
12
TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 77.3% (Continued) | ||||||||||||
RETAIL - DISCRETIONARY - 7.6% (Continued) | ||||||||||||
5,164 | Lululemon Athletica, Inc.(a) |
$ | 1,886,048 | |||||||||
3,573 | OReilly Automotive, Inc.(a) |
2,447,362 | ||||||||||
|
|
|
||||||||||
10,994,682 | ||||||||||||
|
|
|
||||||||||
SEMICONDUCTORS - 12.9% | ||||||||||||
35,385 | Advanced Micro Devices, Inc.(a) |
3,868,996 | ||||||||||
7,772 | Analog Devices, Inc. |
1,283,779 | ||||||||||
5,475 | Broadcom, Inc. |
3,447,498 | ||||||||||
1,775 | Lam Research Corporation |
954,258 | ||||||||||
5,381 | Monolithic Power Systems, Inc. |
2,613,444 | ||||||||||
16,973 | NVIDIA Corporation |
4,631,252 | ||||||||||
10,942 | NXP Semiconductors N.V. |
2,025,145 | ||||||||||
|
|
|
||||||||||
18,824,372 | ||||||||||||
|
|
|
||||||||||
SOFTWARE - 9.4% | ||||||||||||
2,967 | HubSpot, Inc.(a) |
1,409,147 | ||||||||||
5,319 | Palo Alto Networks, Inc.(a) |
3,311,131 | ||||||||||
27,390 | Rapid7, Inc.(a) |
3,046,864 | ||||||||||
4,573 | ServiceNow, Inc.(a) |
2,546,658 | ||||||||||
9,935 | Synopsys, Inc.(a) |
3,311,037 | ||||||||||
|
|
|
||||||||||
13,624,837 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY HARDWARE - 2.4% | ||||||||||||
18,739 | Seagate Technology Holdings PLC |
1,684,636 | ||||||||||
36,051 | Western Digital Corporation(a) |
1,789,932 | ||||||||||
|
|
|
||||||||||
3,474,568 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY SERVICES - 2.6% | ||||||||||||
21,417 | CDW Corporation/DE |
3,831,287 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION & LOGISTICS - 1.3% | ||||||||||||
22,969 | Canadian Pacific Railway Ltd. |
1,895,861 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION EQUIPMENT - 0.8% | ||||||||||||
12,837 | PACCAR, Inc. |
1,130,555 | ||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
13
TIMOTHY PLAN LARGE/MID CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
TOTAL COMMON STOCKS (Cost $73,338,770) | ||||||||||||
EXCHANGE-TRADED FUNDS 18.0% | $ | 112,380,449 | ||||||||||
|
|
|
||||||||||
EQUITY - 18.0% | ||||||||||||
647,000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) |
|||||||||||
265,000 | Timothy Plan US Large/Mid Cap Core ETF(b) |
|||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $23,553,050) | 16,556,406 | |||||||||||
9,643,695 | ||||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENTS 4.6% | 26,200,101 | |||||||||||
|
|
|
||||||||||
MONEY MARKET FUNDS - 4.6% | ||||||||||||
Fidelity Government Portfolio, CLASS I, 0.11% (Cost $6,655,107)(c) |
||||||||||||
6,655,107 | TOTAL INVESTMENTS - 99.9% (Cost $103,546,927) | 6,655,107 | ||||||||||
|
|
|
||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1% | ||||||||||||
NET ASSETS - 100.0% | $ | 145,235,657 | ||||||||||
203,790 | ||||||||||||
|
|
|
||||||||||
$ | 145,439,447 | |||||||||||
|
|
|
ETF |
- Exchange-Traded Fund | |
LTD |
- Limited Company | |
NV |
- Naamioze Vennootschap | |
PLC |
- Public Limited Company |
(a) | Non-income producing security. |
(b) | Investment in affiliate. |
(c) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
14
TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 87.8% | ||||||||||||
AEROSPACE & DEFENSE - 1.9% | ||||||||||||
34,515 | Moog, Inc., Class A |
$ | 3,030,417 | |||||||||
|
|
|
||||||||||
AUTOMOTIVE - 1.0% | ||||||||||||
36,330 | Methode Electronics, Inc. |
1,571,273 | ||||||||||
|
|
|
||||||||||
BANKING - 13.0% | ||||||||||||
83,309 | Columbia Banking System, Inc. |
2,688,381 | ||||||||||
44,834 | Hilltop Holdings, Inc. |
1,318,120 | ||||||||||
62,071 | Provident Financial Services, Inc. |
1,452,461 | ||||||||||
76,498 | Renasant Corporation |
2,558,858 | ||||||||||
64,396 | Sandy Spring Bancorp, Inc. |
2,892,668 | ||||||||||
108,476 | Simmons First National Corporation, Class A |
2,844,241 | ||||||||||
31,802 | Triumph Bancorp, Inc.(a) |
2,990,024 | ||||||||||
49,754 | Trustmark Corporation |
1,512,024 | ||||||||||
73,430 | Veritex Holdings, Inc. |
2,802,823 | ||||||||||
|
|
|
||||||||||
21,059,600 | ||||||||||||
|
|
|
||||||||||
CHEMICALS - 5.5% | ||||||||||||
56,719 | Avient Corporation |
2,722,512 | ||||||||||
159,960 | Ecovyst, Inc. |
1,849,138 | ||||||||||
14,956 | Innospec, Inc. |
1,384,178 | ||||||||||
29,049 | Stepan Company |
2,870,331 | ||||||||||
|
|
|
||||||||||
8,826,159 | ||||||||||||
|
|
|
||||||||||
ELECTRIC UTILITIES - 3.6% | ||||||||||||
66,450 | Avista Corporation |
3,000,218 | ||||||||||
48,874 | NorthWestern Corporation |
2,956,388 | ||||||||||
|
|
|
||||||||||
5,956,606 | ||||||||||||
|
|
|
||||||||||
ENGINEERING & CONSTRUCTION - 1.9% | ||||||||||||
34,308 | Comfort Systems USA, Inc. |
3,053,755 | ||||||||||
|
|
|
||||||||||
FOOD - 3.7% | ||||||||||||
140,339 | Hostess Brands, Inc.(a) |
3,079,038 | ||||||||||
18,974 | J & J Snack Foods Corporation |
2,942,867 | ||||||||||
|
|
|
||||||||||
6,021,905 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
15
TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 87.8% (Continued) | ||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.8% | ||||||||||||
17,070 | UFP Industries, Inc. |
$ | 1,317,121 | |||||||||
|
|
|
||||||||||
HEALTH CARE FACILITIES & SERVICES - 1.5% | ||||||||||||
119,186 | Aveanna Healthcare Holdings, Inc.(a) |
406,424 | ||||||||||
65,464 | Patterson Companies, Inc. |
2,119,070 | ||||||||||
|
|
|
||||||||||
2,525,494 | ||||||||||||
|
|
|
||||||||||
HOME CONSTRUCTION - 4.1% | ||||||||||||
52,777 | Century Communities, Inc. |
2,827,264 | ||||||||||
59,241 | Griffon Corporation |
1,186,597 | ||||||||||
30,735 | Masonite International Corporation(a) |
2,733,571 | ||||||||||
|
|
|
||||||||||
6,747,432 | ||||||||||||
|
|
|
||||||||||
HOUSEHOLD PRODUCTS - 1.8% | ||||||||||||
72,437 | Central Garden & Pet Company, Class A(a) |
2,953,981 | ||||||||||
|
|
|
||||||||||
INDUSTRIAL INTERMEDIATE PROD - 1.0% | ||||||||||||
32,788 | AZZ, Inc. |
1,581,693 | ||||||||||
|
|
|
||||||||||
INSTITUTIONAL FINANCIAL SERVICES - 3.8% | ||||||||||||
58,738 | Moelis & Company, Class A |
2,757,749 | ||||||||||
129,733 | Perella Weinberg Partners |
1,225,977 | ||||||||||
17,024 | Piper Sandler Cos |
2,234,400 | ||||||||||
|
|
|
||||||||||
6,218,126 | ||||||||||||
|
|
|
||||||||||
INSURANCE - 1.4% | ||||||||||||
55,251 | Argo Group International Holdings Ltd. |
2,280,761 | ||||||||||
|
|
|
||||||||||
LEISURE FACILITIES & SERVICES - 3.6% | ||||||||||||
48,678 | Chuys Holdings, Inc.(a) |
1,314,306 | ||||||||||
32,629 | Jack in the Box, Inc. |
3,047,875 | ||||||||||
14,593 | Papa Johns International, Inc. |
1,536,351 | ||||||||||
|
|
|
||||||||||
5,898,532 | ||||||||||||
|
|
|
||||||||||
MACHINERY - 7.0% | ||||||||||||
11,227 | Alamo Group, Inc. |
1,614,330 | ||||||||||
16,728 | Albany International Corporation, Class A |
1,410,505 | ||||||||||
75,841 | Altra Industrial Motion Corporation |
2,952,491 |
The accompanying notes are an integral part of these financial statements.
16
TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 87.8% (Continued) | ||||||||||||
MACHINERY - 7.0% (Continued) | ||||||||||||
35,673 | Astec Industries, Inc. |
$ | 1,533,939 | |||||||||
34,776 | Columbus McKinnon Corporation |
1,474,502 | ||||||||||
79,070 | Federal Signal Corporation |
2,668,613 | ||||||||||
|
|
|
||||||||||
11,654,380 | ||||||||||||
|
|
|
||||||||||
MEDICAL EQUIPMENT & DEVICES - 4.7% | ||||||||||||
54,478 | Avanos Medical, Inc.(a) |
1,825,013 | ||||||||||
19,831 | CONMED Corporation |
2,945,895 | ||||||||||
43,083 | Merit Medical Systems, Inc.(a) |
2,865,881 | ||||||||||
|
|
|
||||||||||
7,636,789 | ||||||||||||
|
|
|
||||||||||
METALS & MINING - 1.9% | ||||||||||||
14,262 | Encore Wire Corporation |
1,626,866 | ||||||||||
59,108 | Livent Corporation(a) |
1,540,946 | ||||||||||
|
|
|
||||||||||
3,167,812 | ||||||||||||
|
|
|
||||||||||
OIL & GAS PRODUCERS - 6.3% | ||||||||||||
79,655 | Brigham Minerals, Inc., Class A |
2,035,185 | ||||||||||
88,380 | Northern Oil and Gas, Inc. |
2,491,432 | ||||||||||
39,353 | PDC Energy, Inc. |
2,860,176 | ||||||||||
35,452 | Whiting Petroleum Corporation |
2,889,693 | ||||||||||
|
|
|
||||||||||
10,276,486 | ||||||||||||
|
|
|
||||||||||
REAL ESTATE INVESTMENT TRUSTS - 6.5% | ||||||||||||
51,475 | Community Healthcare Trust, Inc. |
2,172,760 | ||||||||||
111,547 | Plymouth Industrial REIT, Inc. |
3,022,923 | ||||||||||
25,568 | PotlatchDeltic Corporation |
1,348,201 | ||||||||||
163,351 | Summit Hotel Properties, Inc.(a) |
1,626,976 | ||||||||||
128,167 | Urban Edge Properties |
2,447,990 | ||||||||||
|
|
|
||||||||||
10,618,850 | ||||||||||||
|
|
|
||||||||||
REAL ESTATE OWNERS & DEVELOPERS - 1.8% | ||||||||||||
207,992 | Radius Global Infrastructure, Inc., Class A(a) |
2,970,126 | ||||||||||
|
|
|
||||||||||
RETAIL - DISCRETIONARY - 4.5% | ||||||||||||
46,680 | Academy Sports & Outdoors, Inc. |
1,839,192 | ||||||||||
68,285 | Monro, Inc. |
3,027,756 | ||||||||||
58,750 | Sonic Automotive, Inc., Class A |
2,497,463 | ||||||||||
|
|
|
||||||||||
7,364,411 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
17
TIMOTHY PLAN SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 87.8% (Continued) | ||||||||||||
SEMICONDUCTORS - 2.4% | ||||||||||||
43,391 | Amkor Technology, Inc. |
$ | 942,453 | |||||||||
91,241 | Rambus, Inc.(a) |
2,909,675 | ||||||||||
|
|
|
||||||||||
3,852,128 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY HARDWARE - 2.7% | ||||||||||||
80,957 | ADTRAN, Inc. |
1,493,657 | ||||||||||
184,828 | Viavi Solutions, Inc.(a) |
2,972,034 | ||||||||||
|
|
|
||||||||||
4,465,691 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY SERVICES - 1.4% | ||||||||||||
157,726 | Repay Holdings Corporation(a) |
2,329,613 | ||||||||||
TOTAL COMMON STOCKS (Cost $135,051,260) | 143,379,141 | |||||||||||
|
|
|
||||||||||
EXCHANGE-TRADED FUNDS 11.7% | ||||||||||||
EQUITY - 11.7% | ||||||||||||
580,000 | Timothy Plan US Small Cap Core ETF(b) |
19,124,166 | ||||||||||
|
|
|
||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $14,834,080) | 19,124,166 | |||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENTS 0.9% | ||||||||||||
MONEY MARKET FUNDS - 0.9% | ||||||||||||
1,459,746 | Fidelity Government Portfolio, CLASS I, 0.11% (Cost $1,459,746)(c) |
1,459,746 | ||||||||||
|
|
|
||||||||||
TOTAL INVESTMENTS - 100.4% (Cost $151,345,086) | $ | 163,963,053 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)% | (656,536 | ) | ||||||||||
|
|
|
||||||||||
NET ASSETS - 100.0% | $ | 163,306,517 | ||||||||||
|
|
|
ETF |
- Exchange-Traded Fund | |
LTD |
- Limited Company | |
REIT |
- Real Estate Investment Trust |
(a) | Non-income producing security. |
(b) | Investment in affiliate. |
(c) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
18
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 74.5% | ||||||||||||
AEROSPACE & DEFENSE - 2.3% | ||||||||||||
27,306 | General Dynamics Corporation |
$ | 6,585,661 | |||||||||
|
|
|
||||||||||
BANKING - 3.3% | ||||||||||||
50,836 | BOK Financial Corporation |
4,776,043 | ||||||||||
55,898 | Western Alliance Bancorp |
4,629,472 | ||||||||||
|
|
|
||||||||||
9,405,515 | ||||||||||||
|
|
|
||||||||||
CABLE & SATELLITE - 1.2% | ||||||||||||
2,382 | Cable One, Inc. |
3,487,820 | ||||||||||
|
|
|
||||||||||
CHEMICALS - 3.8% | ||||||||||||
152,481 | Huntsman Corporation |
5,719,562 | ||||||||||
19,503 | Sherwin-Williams Company |
4,868,339 | ||||||||||
|
|
|
||||||||||
10,587,901 | ||||||||||||
|
|
|
||||||||||
DIVERSIFIED INDUSTRIALS - 3.9% | ||||||||||||
34,304 | Eaton Corporation PLC |
5,205,975 | ||||||||||
28,187 | Honeywell International, Inc. |
5,484,627 | ||||||||||
|
|
|
||||||||||
10,690,602 | ||||||||||||
|
|
|
||||||||||
ELECTRIC UTILITIES - 4.1% | ||||||||||||
80,613 | CMS Energy Corporation |
5,638,073 | ||||||||||
60,696 | WEC Energy Group, Inc. |
6,058,068 | ||||||||||
|
|
|
||||||||||
11,696,141 | ||||||||||||
|
|
|
||||||||||
ELECTRICAL EQUIPMENT - 1.2% | ||||||||||||
250,733 | Vertiv Holdings Company |
3,510,262 | ||||||||||
|
|
|
||||||||||
FOOD - 4.1% | ||||||||||||
38,411 | J M Smucker Company |
5,201,234 | ||||||||||
65,484 | McCormick & Company, Inc. |
6,535,303 | ||||||||||
|
|
|
||||||||||
11,736,537 | ||||||||||||
|
|
|
||||||||||
INSTITUTIONAL FINANCIAL SERVICES - 2.0% | ||||||||||||
42,372 | Intercontinental Exchange, Inc. |
5,598,189 | ||||||||||
|
|
|
||||||||||
INSURANCE - 1.9% | ||||||||||||
30,074 | Arthur J Gallagher & Company |
5,250,920 | ||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
19
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 74.5% (Continued) | ||||||||||||
MACHINERY - 1.7% | ||||||||||||
28,566 | Middleby Corporation(a) |
$ | 4,683,110 | |||||||||
|
|
|
||||||||||
MEDICAL EQUIPMENT & DEVICES - 4.9% | ||||||||||||
29,493 | PerkinElmer, Inc. |
5,145,349 | ||||||||||
21,538 | STERIS plc |
5,207,242 | ||||||||||
26,921 | Zimmer Biomet Holdings, Inc. |
3,443,196 | ||||||||||
|
|
|
||||||||||
13,795,787 | ||||||||||||
|
|
|
||||||||||
OIL & GAS PRODUCERS - 5.7% | ||||||||||||
50,585 | ConocoPhillips |
5,058,500 | ||||||||||
45,199 | EOG Resources, Inc. |
5,389,077 | ||||||||||
55,915 | Valero Energy Corporation |
5,677,609 | ||||||||||
|
|
|
||||||||||
16,125,186 | ||||||||||||
|
|
|
||||||||||
REAL ESTATE INVESTMENT TRUSTS - 4.3% | ||||||||||||
32,109 | Crown Castle International Corporation |
5,927,321 | ||||||||||
38,323 | Prologis, Inc. |
6,188,398 | ||||||||||
|
|
|
||||||||||
12,115,719 | ||||||||||||
|
|
|
||||||||||
RETAIL - CONSUMER STAPLES - 1.9% | ||||||||||||
23,805 | Dollar General Corporation |
5,299,707 | ||||||||||
|
|
|
||||||||||
RETAIL - DISCRETIONARY - 4.0% | ||||||||||||
8,006 | OReilly Automotive, Inc.(a) |
5,483,790 | ||||||||||
25,417 | Tractor Supply Company |
5,931,565 | ||||||||||
|
|
|
||||||||||
11,415,355 | ||||||||||||
|
|
|
||||||||||
SEMICONDUCTORS - 12.3% | ||||||||||||
6,528 | ASML Holding N.V. - ADR |
4,360,247 | ||||||||||
10,180 | Broadcom, Inc. |
6,410,143 | ||||||||||
32,642 | Lattice Semiconductor Corporation(a) |
1,989,530 | ||||||||||
73,054 | Microchip Technology, Inc. |
5,489,278 | ||||||||||
10,949 | Monolithic Power Systems, Inc. |
5,317,710 | ||||||||||
21,384 | NVIDIA Corporation |
5,834,838 | ||||||||||
44,872 | Teradyne, Inc. |
5,305,217 | ||||||||||
|
|
|
||||||||||
34,706,963 | ||||||||||||
|
|
|
||||||||||
SOFTWARE - 5.7% | ||||||||||||
35,281 | Cadence Design Systems, Inc.(a) |
5,802,313 |
The accompanying notes are an integral part of these financial statements.
20
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 74.5% (Continued) | ||||||||||||
SOFTWARE - 5.7% (Continued) | ||||||||||||
16,143 | Synopsys, Inc.(a) |
$ | 5,379,978 | |||||||||
11,035 | Tyler Technologies, Inc.(a) |
4,909,361 | ||||||||||
|
|
|
||||||||||
16,091,652 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY SERVICES - 2.1% | ||||||||||||
19,382 | CACI International, Inc., Class A(a) |
5,839,021 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION & LOGISTICS - 2.2% | ||||||||||||
22,487 | Union Pacific Corporation |
6,143,673 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION EQUIPMENT - 1.9% | ||||||||||||
54,561 | Westinghouse Air Brake Technologies Corporation |
5,247,131 | ||||||||||
|
|
|
||||||||||
TOTAL COMMON STOCKS (Cost $151,716,193) | 210,012,852 | |||||||||||
|
|
|
||||||||||
EXCHANGE-TRADED FUNDS 22.6% | ||||||||||||
EQUITY - 22.6% | ||||||||||||
573,000 | Timothy Plan High Dividend Stock Enhanced ETF(b) |
15,676,363 | ||||||||||
442,500 | Timothy Plan High Dividend Stock ETF(b) |
14,611,350 | ||||||||||
687,000 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(b) |
17,579,986 | ||||||||||
435,000 | Timothy Plan US Large/Mid Cap Core ETF(b) |
15,830,216 | ||||||||||
|
|
|
||||||||||
63,697,915 | ||||||||||||
|
|
|
||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $54,728,199) | 63,697,915 | |||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENTS 3.1% | ||||||||||||
MONEY MARKET FUNDS - 3.1% | ||||||||||||
8,731,881 | Fidelity Government Portfolio, CLASS I, 0.11% (Cost $8,731,881)(c) |
8,731,881 | ||||||||||
|
|
|
||||||||||
TOTAL INVESTMENTS - 100.2% (Cost $215,176,273) | $ | 282,442,648 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | (463,316 | ) | ||||||||||
|
|
|
||||||||||
NET ASSETS - 100.0% | $ | 281,979,332 | ||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
21
TIMOTHY PLAN LARGE/MID CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
ADR | - American Depositary Receipt | |
ETF | - Exchange-Traded Fund | |
NV | - Naamioze Vennootschap | |
PLC | - Public Limited Company |
(a) | Non-income producing security. |
(b) | Investment in affiliate. |
(c) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
22
TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Principal |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||||
CORPORATE BONDS 21.3% | ||||||||||||||||
CHEMICALS 2.2% | ||||||||||||||||
1,212,000 | LYB International Finance BV |
4.0000 | 07/15/23 | $ | 1,232,236 | |||||||||||
1,570,000 | Nutrien Ltd. |
4.0000 | 12/15/26 | 1,622,331 | ||||||||||||
|
|
| ||||||||||||||
2,854,567 | ||||||||||||||||
|
|
| ||||||||||||||
ELECTRIC UTILITIES 3.3% | ||||||||||||||||
2,205,000 | American Electric Power Company, Inc. |
3.2000 | 11/13/27 | 2,192,327 | ||||||||||||
842,844 | John Sevier Combined Cycle Generation, LLC |
4.6260 | 01/15/42 | 918,741 | ||||||||||||
855,000 | National Rural Utilities Cooperative Finance Corporation |
2.9500 | 02/07/24 | 859,411 | ||||||||||||
442,000 | WEC Energy Group, Inc. |
3.5500 | 06/15/25 | 443,931 | ||||||||||||
|
|
| ||||||||||||||
4,414,410 | ||||||||||||||||
|
|
| ||||||||||||||
ELECTRICAL EQUIPMENT 0.8% |
||||||||||||||||
1,000,000 | ABB Finance USA, Inc. |
2.8750 | 05/08/22 | 1,000,448 | ||||||||||||
|
|
| ||||||||||||||
GAS & WATER UTILITIES 1.7% |
||||||||||||||||
2,185,000 | NiSource, Inc. |
3.4900 | 05/15/27 | 2,185,072 | ||||||||||||
|
|
| ||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES 0.8% |
||||||||||||||||
1,000,000 | CBOE Global Markets, Inc. |
3.6500 | 01/12/27 | 1,020,134 | ||||||||||||
|
|
| ||||||||||||||
MACHINERY 0.6% |
||||||||||||||||
750,000 | Eaton Corporation |
2.7500 | 11/02/22 | 754,333 | ||||||||||||
|
|
| ||||||||||||||
OIL & GAS PRODUCERS 5.5% |
||||||||||||||||
1,580,000 | Columbia Pipeline Group, Inc. |
4.5000 | 06/01/25 | 1,632,904 | ||||||||||||
1,000,000 | Enable Midstream Partners, L.P. |
3.9000 | 05/15/24 | 1,007,505 | ||||||||||||
2,240,000 | Phillips 66 Partners, L.P. |
3.6050 | 02/15/25 | 2,263,119 | ||||||||||||
2,235,000 | Sunoco Logistics Partners Operations, L.P. |
4.2500 | 04/01/24 | 2,281,380 | ||||||||||||
|
|
| ||||||||||||||
7,184,908 | ||||||||||||||||
|
|
| ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS 2.8% |
||||||||||||||||
1,520,000 | Digital Realty Trust, L.P. |
3.7000 | 08/15/27 | 1,534,258 | ||||||||||||
2,200,000 | Healthpeak Properties, Inc. |
3.5000 | 07/15/29 | 2,199,644 | ||||||||||||
|
|
| ||||||||||||||
3,733,902 | ||||||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
23
TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||
CORPORATE BONDS 21.3% (Continued) | ||||||||||||||
RETAIL - CONSUMER STAPLES 1.2% | ||||||||||||||
1,575,000 | Dollar General Corporation |
4.1250 | 05/01/28 | $ | 1,628,827 | |||||||||
|
|
| ||||||||||||
TRANSPORTATION & LOGISTICS 2.4% | ||||||||||||||
1,000,000 | Canadian Pacific Railway Company |
2.9000 | 02/01/25 | 997,489 | ||||||||||
2,190,000 | CSX Corporation |
3.2500 | 06/01/27 | 2,214,657 | ||||||||||
|
|
| ||||||||||||
3,212,146 | ||||||||||||||
|
|
| ||||||||||||
TOTAL CORPORATE BONDS (Cost $28,582,180) | 27,988,747 | |||||||||||||
|
|
| ||||||||||||
NON U.S. GOVERNMENT & AGENCIES 3.0% | ||||||||||||||
GOVERNMENT GUARANTEED 0.7% | ||||||||||||||
865,000 | Kreditanstalt fuer Wiederaufbau |
2.1250 | 06/15/22 | 867,357 | ||||||||||
|
|
| ||||||||||||
LOCAL AUTHORITY 1.7% | ||||||||||||||
2,235,000 | Province of Ontario Canada |
2.5000 | 04/27/26 | 2,224,726 | ||||||||||
|
|
| ||||||||||||
SUPRANATIONAL 0.6% | ||||||||||||||
855,000 | European Investment Bank |
2.3750 | 06/15/22 | 857,724 | ||||||||||
|
|
| ||||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,043,761) |
3,949,807 | |||||||||||||
|
|
| ||||||||||||
U.S. GOVERNMENT & AGENCIES 73.3% |
||||||||||||||
AGENCY FIXED RATE 25.3% | ||||||||||||||
1,502,215 | Fannie Mae Pool FM5537 |
2.0000 | 01/01/36 | 1,461,560 | ||||||||||
1,163,104 | Fannie Mae Pool MA4316 |
2.5000 | 04/01/36 | 1,154,294 | ||||||||||
1,269,387 | Fannie Mae Pool MA4329 |
2.0000 | 05/01/36 | 1,234,956 | ||||||||||
1,624,403 | Fannie Mae Pool MA4333 |
2.0000 | 05/01/41 | 1,525,938 | ||||||||||
789,681 | Fannie Mae Pool MA4366 |
2.5000 | 06/01/41 | 764,615 | ||||||||||
472,079 | Fannie Mae Pool MA4475 |
2.5000 | 10/01/41 | 457,092 | ||||||||||
1,315,000 | Fannie Mae Pool MA4617 |
3.0000 | 04/01/42 | 1,307,105 | ||||||||||
1,170,061 | Fannie Mae Pool FM4053 |
2.5000 | 08/01/50 | 1,119,696 | ||||||||||
1,495,224 | Fannie Mae Pool CA8897 |
3.0000 | 02/01/51 | 1,470,707 | ||||||||||
1,019,788 | Fannie Mae Pool MA4258 |
3.5000 | 02/01/51 | 1,024,703 |
The accompanying notes are an integral part of these financial statements.
24
TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||
U.S. GOVERNMENT & AGENCIES 73.3% (Continued) | ||||||||||||||
AGENCY FIXED RATE 25.3% (Continued) | ||||||||||||||
501,577 | Fannie Mae Pool FM6550 |
2.0000 | 03/01/51 | $ | 467,513 | |||||||||
975,008 | Fannie Mae Pool CB0855 |
3.0000 | 06/01/51 | 958,013 | ||||||||||
21,916 | Ginnie Mae I Pool 723248 |
5.0000 | 10/15/39 | 24,099 | ||||||||||
281,532 | Ginnie Mae I Pool 783060 |
4.0000 | 08/15/40 | 293,516 | ||||||||||
102,752 | Ginnie Mae I Pool 783403 |
3.5000 | 09/15/41 | 105,726 | ||||||||||
128,893 | Ginnie Mae II Pool 4520 |
5.0000 | 08/20/39 | 141,589 | ||||||||||
171,575 | Ginnie Mae II Pool 4947 |
5.0000 | 02/20/41 | 184,251 | ||||||||||
308,998 | Ginnie Mae II Pool MA3376 |
3.5000 | 01/20/46 | 315,992 | ||||||||||
198,054 | Ginnie Mae II Pool MA3596 |
3.0000 | 04/20/46 | 197,550 | ||||||||||
534,924 | Ginnie Mae II Pool MA3663 |
3.5000 | 05/20/46 | 545,602 | ||||||||||
192,668 | Ginnie Mae II Pool MA3736 |
3.5000 | 06/20/46 | 196,337 | ||||||||||
327,383 | Ginnie Mae II Pool MA4004 |
3.5000 | 10/20/46 | 333,763 | ||||||||||
220,538 | Ginnie Mae II Pool MA4509 |
3.0000 | 06/20/47 | 219,969 | ||||||||||
267,792 | Ginnie Mae II Pool MA4652 |
3.5000 | 08/20/47 | 271,946 | ||||||||||
332,417 | Ginnie Mae II Pool MA4719 |
3.5000 | 09/20/47 | 338,744 | ||||||||||
340,859 | Ginnie Mae II Pool MA4778 |
3.5000 | 10/20/47 | 346,145 | ||||||||||
271,809 | Ginnie Mae II Pool MA4901 |
4.0000 | 12/20/47 | 281,820 | ||||||||||
237,129 | Ginnie Mae II Pool MA4963 |
4.0000 | 01/20/48 | 245,863 | ||||||||||
237,600 | Ginnie Mae II Pool MA6092 |
4.5000 | 08/20/49 | 247,142 | ||||||||||
261,323 | Ginnie Mae II Pool MA6156 |
4.5000 | 09/20/49 | 271,225 | ||||||||||
736,614 | Ginnie Mae II Pool BN2662 |
3.0000 | 10/20/49 | 731,127 | ||||||||||
236,691 | Ginnie Mae II Pool MA6221 |
4.5000 | 10/20/49 | 245,710 | ||||||||||
237,637 | Ginnie Mae II Pool MA6477 |
4.5000 | 02/20/50 | 246,309 | ||||||||||
394,480 | Ginnie Mae II Pool MA6478 |
5.0000 | 02/20/50 | 419,206 | ||||||||||
380,637 | Ginnie Mae II Pool MA6544 |
4.5000 | 03/20/50 | 394,749 | ||||||||||
278,244 | Ginnie Mae II Pool MA6545 |
5.0000 | 03/20/50 | 294,453 | ||||||||||
365,575 | Ginnie Mae II Pool MA6600 |
3.5000 | 04/20/50 | 369,164 | ||||||||||
314,474 | Ginnie Mae II Pool MA6601 |
4.0000 | 04/20/50 | 323,155 | ||||||||||
287,843 | Ginnie Mae II Pool MA6603 |
5.0000 | 04/20/50 | 304,198 | ||||||||||
1,195,305 | Ginnie Mae II Pool MA7255 |
2.5000 | 03/20/51 | 1,162,521 | ||||||||||
863,031 | Ginnie Mae II Pool MA7418 |
2.5000 | 06/20/51 | 839,360 | ||||||||||
1,491,211 | Ginnie Mae II Pool MA7419 |
3.0000 | 06/20/51 | 1,480,674 | ||||||||||
1,298,912 | Ginnie Mae II Pool MA7472 |
2.5000 | 07/20/51 | 1,263,286 |
The accompanying notes are an integral part of these financial statements.
25
TIMOTHY PLAN FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||
U.S. GOVERNMENT & AGENCIES 73.3% (Continued) | ||||||||||||||
AGENCY FIXED RATE 25.3% (Continued) | ||||||||||||||
1,443,139 | Ginnie Mae II Pool CE1974 |
3.0000 | 08/20/51 | $ | 1,446,461 | |||||||||
1,222,313 | Ginnie Mae II Pool CE1990 |
2.5000 | 09/20/51 | 1,183,849 | ||||||||||
1,478,409 | Ginnie Mae II Pool MA7705 |
2.5000 | 11/20/51 | 1,437,859 | ||||||||||
1,195,836 | Ginnie Mae II Pool MA7768 |
3.0000 | 12/20/51 | 1,185,376 | ||||||||||
1,188,443 | Ginnie Mae II Pool MA7829 |
3.5000 | 01/20/52 | 1,198,741 | ||||||||||
1,165,000 | Ginnie Mae II Pool MA7939 |
4.0000 | 03/20/52 | 1,192,209 | ||||||||||
|
|
| ||||||||||||
33,225,878 | ||||||||||||||
|
|
| ||||||||||||
U.S. TREASURY NOTES 48.0% | ||||||||||||||
8,085,000 | United States Treasury Note |
2.2500 | 11/15/24 | 8,042,680 | ||||||||||
9,940,000 | United States Treasury Note |
2.0000 | 08/15/25 | 9,777,699 | ||||||||||
10,960,000 | United States Treasury Note |
0.6250 | 07/31/26 | 10,129,009 | ||||||||||
10,730,000 | United States Treasury Note |
1.2500 | 09/30/28 | 9,970,727 | ||||||||||
14,485,000 | United States Treasury Note |
1.2500 | 08/15/31 | 13,177,954 | ||||||||||
10,225,000 | United States Treasury Note |
1.7500 | 08/15/41 | 8,878,176 | ||||||||||
3,550,000 | United States Treasury Note |
2.0000 | 08/15/51 | 3,202,211 | ||||||||||
|
|
| ||||||||||||
63,178,456 | ||||||||||||||
|
|
| ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $101,849,403) | 96,404,334 | |||||||||||||
|
|
| ||||||||||||
Shares |
||||||||||||||
SHORT-TERM INVESTMENT 1.6% | ||||||||||||||
MONEY MARKET FUND - 1.6% | ||||||||||||||
2,049,591 | Fidelity Government Portfolio, Class I, 0.12% (Cost $2,049,591)(a) |
2,049,591 | ||||||||||||
|
|
| ||||||||||||
TOTAL INVESTMENTS - 99.2% (Cost $136,524,935) | $ | 130,392,479 | ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8% |
1,071,058 | |||||||||||||
|
|
| ||||||||||||
NET ASSETS - 100.0% |
$ | 131,463,537 | ||||||||||||
|
|
|
LLC | - Limited Liability Company | |
LP | - Limited Partnership | |
LTD | - Limited Company | |
REIT | - Real Estate Investment Trust |
(a) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
26
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||||||||
PREFERRED STOCKS 0.0%(a) | ||||||||||||||||||
INDUSTRIAL SUPPORT SERVICES - 0.0%(a) | ||||||||||||||||||
219 | WESCO International, Inc. - Series A, 10.625% (Cost $5,795)(b) |
|
$ | 6,445 | ||||||||||||||
|
|
| ||||||||||||||||
Principal |
Coupon Rate (%) |
Maturity | ||||||||||||||||
CONVERTIBLE BONDS 2.2% | ||||||||||||||||||
SPECIALTY FINANCE 2.2% | ||||||||||||||||||
2,275,000 | MGIC Investment Corporation (Cost $3,027,406)(c) |
9.0000 | 04/01/63 | 3,059,875 | ||||||||||||||
|
|
| ||||||||||||||||
Spread | ||||||||||||||||||
CORPORATE BONDS 95.6% | ||||||||||||||||||
AEROSPACE & DEFENSE 0.4% | ||||||||||||||||||
500,000 | Spirit AeroSystems, Inc.(c) |
5.5000 | 01/15/25 | 501,930 | ||||||||||||||
|
|
| ||||||||||||||||
ASSET MANAGEMENT 1.6% | ||||||||||||||||||
250,000 | Icahn Enterprises, L.P. / Icahn Enterprises |
4.7500 | 09/15/24 | 250,943 | ||||||||||||||
1,000,000 | Icahn Enterprises, L.P. / Icahn Enterprises |
6.2500 | 05/15/26 | 1,021,285 | ||||||||||||||
1,000,000 | Icahn Enterprises, L.P. / Icahn Enterprises |
4.3750 | 02/01/29 | 919,535 | ||||||||||||||
|
|
| ||||||||||||||||
2,191,763 | ||||||||||||||||||
|
|
| ||||||||||||||||
AUTOMOTIVE 2.1% | ||||||||||||||||||
500,000 | Adient Global Holdings Ltd.(c) |
4.8750 | 08/15/26 | 477,748 | ||||||||||||||
522,000 | Clarios Global, L.P. / Clarios US Finance Company(c) |
6.2500 | 05/15/26 | 537,822 | ||||||||||||||
1,000,000 | Clarios Global, L.P. / Clarios US Finance Company(c) |
8.5000 | 05/15/27 | 1,038,849 | ||||||||||||||
1,000,000 | Goodyear Tire & Rubber Company (The) |
5.6250 | 04/30/33 | 929,700 | ||||||||||||||
|
|
| ||||||||||||||||
2,984,119 | ||||||||||||||||||
|
|
| ||||||||||||||||
BIOTECHNOLOGY & PHARMACEUTICALS 3.9% |
|
|||||||||||||||||
750,000 | Bausch Health Companies, Inc.(c) |
6.1250 | 02/01/27 | 756,424 | ||||||||||||||
250,000 | Bausch Health Companies, Inc.(c) |
5.0000 | 01/30/28 | 206,324 | ||||||||||||||
750,000 | Bausch Health Companies, Inc.(c) |
4.8750 | 06/01/28 | 719,141 | ||||||||||||||
125,000 | Bausch Health Companies, Inc.(c) |
5.0000 | 02/15/29 | 98,384 | ||||||||||||||
1,500,000 | Bausch Health Companies, Inc.(c) |
5.2500 | 01/30/30 | 1,180,718 |
The accompanying notes are an integral part of these financial statements.
27
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||
BIOTECHNOLOGY & PHARMACEUTICALS 3.9% (Continued) |
|
|||||||||||||||||
50,000 | Bausch Health Companies, Inc.(c) |
5.2500 | 02/15/31 | $ | 39,192 | |||||||||||||
2,500,000 | Emergent BioSolutions, Inc.(c) |
3.8750 | 08/15/28 | 2,247,325 | ||||||||||||||
250,000 | Jazz Securities DAC(c) |
4.3750 | 01/15/29 | 242,861 | ||||||||||||||
|
|
| ||||||||||||||||
5,490,369 | ||||||||||||||||||
|
|
| ||||||||||||||||
CHEMICALS 6.6% | ||||||||||||||||||
3,000,000 | Chemours Company (The)(c) |
4.6250 | 11/15/29 | 2,754,899 | ||||||||||||||
1,500,000 | Diamond BC BV(c) |
4.6250 | 10/01/29 | 1,349,115 | ||||||||||||||
1,500,000 | Koppers, Inc.(c) |
6.0000 | 02/15/25 | 1,471,823 | ||||||||||||||
1,000,000 | Olin Corporation |
5.6250 | 08/01/29 | 1,020,860 | ||||||||||||||
2,000,000 | Polar US Borrower, LLC / Schenectady International(c) |
6.7500 | 05/15/26 | 1,707,370 | ||||||||||||||
1,000,000 | WR Grace Holdings, LLC(c) |
5.6250 | 08/15/29 | 937,600 | ||||||||||||||
|
|
| ||||||||||||||||
9,241,667 | ||||||||||||||||||
|
|
| ||||||||||||||||
COMMERCIAL SUPPORT SERVICES 7.7% | ||||||||||||||||||
2,125,000 | Allied Universal Holdco, LLC / Allied Universal(c) |
4.6250 | 06/01/28 | 2,021,587 | ||||||||||||||
125,000 | Atlas LuxCompany 4 S.A.RL / Allied Universal(c) |
4.6250 | 06/01/28 | 117,006 | ||||||||||||||
2,000,000 | Covanta Holding Corporation |
5.0000 | 09/01/30 | 1,899,350 | ||||||||||||||
1,125,000 | Covert Mergeco, Inc.(c) |
4.8750 | 12/01/29 | 1,070,156 | ||||||||||||||
2,550,000 | GFL Environmental Inc(c) |
4.0000 | 08/01/28 | 2,348,740 | ||||||||||||||
50,000 | GFL Environmental, Inc.(c) |
4.7500 | 06/15/29 | 47,812 | ||||||||||||||
250,000 | GFL Environmental, Inc.(c) |
4.3750 | 08/15/29 | 232,024 | ||||||||||||||
500,000 | Harsco Corporation(c) |
5.7500 | 07/31/27 | 485,120 | ||||||||||||||
500,000 | Sothebys/Bidfair Holdings, Inc.(c) |
5.8750 | 06/01/29 | 484,673 | ||||||||||||||
2,200,000 | Waste Pro USA, Inc.(c) |
5.5000 | 02/15/26 | 2,059,431 | ||||||||||||||
|
|
| ||||||||||||||||
10,765,899 | ||||||||||||||||||
|
|
| ||||||||||||||||
CONSTRUCTION MATERIALS 0.2% | ||||||||||||||||||
250,000 | Cemex S.A.B. de C.V.(c) |
3.8750 | 07/11/31 | 228,550 | ||||||||||||||
|
|
| ||||||||||||||||
CONSUMER SERVICES 2.3% | ||||||||||||||||||
2,000,000 | PROG Holdings, Inc.(c) |
6.0000 | 11/15/29 | 1,859,030 | ||||||||||||||
1,500,000 |
Rent-A-Center, Inc.(c) |
6.3750 | 02/15/29 | 1,375,785 | ||||||||||||||
|
|
| ||||||||||||||||
3,234,815 | ||||||||||||||||||
|
|
| ||||||||||||||||
CONTAINERS & PACKAGING 5.4% | ||||||||||||||||||
1,750,000 | Canpack S.A. / Canpack US, LLC(c) |
3.8750 | 11/15/29 | 1,534,015 | ||||||||||||||
1,000,000 | Graham Packaging Company, Inc.(c) |
7.1250 | 08/15/28 | 909,450 |
The accompanying notes are an integral part of these financial statements.
28
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||||
CONTAINERS & PACKAGING 5.4% (Continued) | ||||||||||||||||||||
500,000 | Graphic Packaging International, LLC(c) |
3.7500 | 02/01/30 | $ | 458,470 | |||||||||||||||
1,250,000 | LABL, Inc.(c) |
5.8750 | 11/01/28 | 1,174,219 | ||||||||||||||||
750,000 | LABL, Inc.(c) |
8.2500 | 11/01/29 | 663,281 | ||||||||||||||||
1,750,000 | Pactiv Evergreen Group Issuer, LLC(c) |
4.3750 | 10/15/28 | 1,617,139 | ||||||||||||||||
1,250,000 | TriMas Corporation(c) |
4.1250 | 04/15/29 | 1,142,988 | ||||||||||||||||
|
|
| ||||||||||||||||||
7,499,562 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
ELECTRIC UTILITIES 1.4% | ||||||||||||||||||||
1,000,000 | Vistra Corporation(b),(c) |
H15T5Y + 5.740 | % | 7.0000 | 06/15/70 | 975,305 | ||||||||||||||
750,000 | Vistra Operations Company, LLC(c) |
5.6250 | 02/15/27 | 750,225 | ||||||||||||||||
250,000 | Vistra Operations Company, LLC(c) |
4.3750 | 05/01/29 | 236,573 | ||||||||||||||||
|
|
| ||||||||||||||||||
1,962,103 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
ELECTRICAL EQUIPMENT 0.7% | ||||||||||||||||||||
500,000 | BWX Technologies, Inc.(c) |
4.1250 | 06/30/28 | 482,825 | ||||||||||||||||
500,000 | BWX Technologies, Inc.(c) |
4.1250 | 04/15/29 | 482,290 | ||||||||||||||||
|
|
| ||||||||||||||||||
965,115 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
ENGINEERING & CONSTRUCTION 1.1% | ||||||||||||||||||||
1,694,000 | Dycom Industries, Inc.(c) |
4.5000 | 04/15/29 | 1,598,594 | ||||||||||||||||
|
|
| ||||||||||||||||||
FORESTRY, PAPER & WOOD PRODUCTS 1.2% | ||||||||||||||||||||
1,750,000 | Mercer International, Inc. |
5.1250 | 02/01/29 | 1,690,824 | ||||||||||||||||
|
|
| ||||||||||||||||||
GAS & WATER UTILITIES 0.7% | ||||||||||||||||||||
1,000,000 | Suburban Propane Partners, L.P. |
5.8750 | 03/01/27 | 1,015,105 | ||||||||||||||||
|
|
| ||||||||||||||||||
HEALTH CARE FACILITIES & SERVICES 3.7% | ||||||||||||||||||||
1,391,000 | Ardent Health Services, Inc.(c) |
5.7500 | 07/15/29 | 1,296,293 | ||||||||||||||||
500,000 | Catalent Pharma Solutions, Inc.(c) |
3.1250 | 02/15/29 | 455,458 | ||||||||||||||||
750,000 | Legacy LifePoint Health, LLC(c) |
4.3750 | 02/15/27 | 727,204 | ||||||||||||||||
250,000 | LifePoint Health, Inc.(c) |
5.3750 | 01/15/29 | 236,751 | ||||||||||||||||
500,000 | MEDNAX, Inc.(c) |
5.3750 | 02/15/30 | 484,193 | ||||||||||||||||
100,000 | Option Care Health, Inc.(c) |
4.3750 | 10/31/29 | 93,934 | ||||||||||||||||
125,000 | Owens & Minor, Inc.(c) |
6.6250 | 04/01/30 | 128,805 | ||||||||||||||||
500,000 | Tenet Healthcare Corporation(c) |
4.3750 | 01/15/30 | 480,608 |
The accompanying notes are an integral part of these financial statements.
29
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||||
HEALTH CARE FACILITIES & SERVICES 3.7% (Continued) | ||||||||||||||||||||
1,185,000 | Vizient, Inc.(c) |
6.2500 | 05/15/27 | $ | 1,221,941 | |||||||||||||||
|
|
| ||||||||||||||||||
5,125,187 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
HOME & OFFICE PRODUCTS 0.6% | ||||||||||||||||||||
500,000 | Scotts Miracle-Gro Company (The)(c) |
4.0000 | 04/01/31 | 436,890 | ||||||||||||||||
500,000 | Scotts Miracle-Gro Company (The) |
4.3750 | 02/01/32 | 444,263 | ||||||||||||||||
|
|
| ||||||||||||||||||
881,153 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
HOME CONSTRUCTION 4.9% | ||||||||||||||||||||
500,000 | Ashton Woods USA, LLC / Ashton Woods Finance(c) |
6.6250 | 01/15/28 | 512,860 | ||||||||||||||||
500,000 | Ashton Woods USA, LLC / Ashton Woods Finance(c) |
4.6250 | 08/01/29 | 441,843 | ||||||||||||||||
2,542,000 | Interface, Inc.(c) |
5.5000 | 12/01/28 | 2,473,403 | ||||||||||||||||
1,500,000 | PGT Innovations, Inc.(c) |
4.3750 | 10/01/29 | 1,404,855 | ||||||||||||||||
1,500,000 | STL Holding Company, LLC(c) |
7.5000 | 02/15/26 | 1,518,749 | ||||||||||||||||
500,000 | Weekley Homes, LLC / Weekley Finance Corporation(c) |
4.8750 | 09/15/28 | 463,488 | ||||||||||||||||
|
|
| ||||||||||||||||||
6,815,198 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
HOUSEHOLD PRODUCTS 0.0%(a) | ||||||||||||||||||||
50,000 | Energizer Holdings, Inc.(c) |
6.5000 | 12/31/27 | 49,601 | ||||||||||||||||
|
|
| ||||||||||||||||||
INDUSTRIAL INTERMEDIATE PRODUCTS 0.1% | ||||||||||||||||||||
125,000 | Roller Bearing Company of America, Inc.(c) |
4.3750 | 10/15/29 | 116,719 | ||||||||||||||||
|
|
| ||||||||||||||||||
INDUSTRIAL SUPPORT SERVICES 0.2% | ||||||||||||||||||||
250,000 | BCPE Empire Holdings, Inc.(c) |
7.6250 | 05/01/27 | 235,025 | ||||||||||||||||
|
|
| ||||||||||||||||||
INSTITUTIONAL FINANCIAL SERVICES 1.2% | ||||||||||||||||||||
1,750,000 | LPL Holdings, Inc.(c) |
4.0000 | 03/15/29 | 1,663,145 | ||||||||||||||||
|
|
| ||||||||||||||||||
LEISURE FACILITIES & SERVICES 0.3% | ||||||||||||||||||||
500,000 | Papa Johns International, Inc.(c) |
3.8750 | 09/15/29 | 459,480 | ||||||||||||||||
|
|
| ||||||||||||||||||
LEISURE PRODUCTS 0.7% | ||||||||||||||||||||
1,000,000 | Vista Outdoor, Inc.(c) |
4.5000 | 03/15/29 | 916,930 | ||||||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
30
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||||
MACHINERY 0.6% | ||||||||||||||||||||
250,000 | Madison IAQ, LLC(c) |
4.1250 | 06/30/28 | $ | 230,940 | |||||||||||||||
375,000 | OT Merger Corporation(c) |
7.8750 | 10/15/29 | 325,134 | ||||||||||||||||
250,000 | Redwood Star Merger Sub, Inc.(c) |
8.7500 | 04/01/30 | 239,685 | ||||||||||||||||
|
|
| ||||||||||||||||||
795,759 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
MEDICAL EQUIPMENT & DEVICES 0.7% | ||||||||||||||||||||
500,000 | Mozart Debt Merger Sub, Inc.(c) |
3.8750 | 04/01/29 | 462,513 | ||||||||||||||||
500,000 | Mozart Debt Merger Sub, Inc.(c) |
5.2500 | 10/01/29 | 467,960 | ||||||||||||||||
|
|
| ||||||||||||||||||
930,473 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
METALS & MINING 1.5% | ||||||||||||||||||||
1,000,000 | Compass Minerals International, Inc.(c) |
6.7500 | 12/01/27 | 1,013,830 | ||||||||||||||||
1,250,000 | Kaiser Aluminum Corporation(c) |
4.5000 | 06/01/31 | 1,122,775 | ||||||||||||||||
|
|
| ||||||||||||||||||
2,136,605 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
OIL & GAS PRODUCERS 8.8% | ||||||||||||||||||||
1,500,000 | Colgate Energy Partners III, LLC(c) |
5.8750 | 07/01/29 | 1,553,369 | ||||||||||||||||
2,072,000 | CQP Holdco, L.P. / BIP-V Chinook Holdco, LLC(c) |
5.5000 | 06/15/31 | 2,041,515 | ||||||||||||||||
250,000 | Crestwood Midstream Partners, L.P. |
5.7500 | 04/01/25 | 253,125 | ||||||||||||||||
1,500,000 | Crestwood Midstream Partners, L.P.(c) |
5.6250 | 05/01/27 | 1,489,379 | ||||||||||||||||
500,000 | DCP Midstream Operating, L.P.(b),(c) |
ICE LIBOR USD 3 Month + 3.850 | % | 5.8500 | 05/21/43 | 466,248 | ||||||||||||||
250,000 | DT Midstream, Inc.(c) |
4.1250 | 06/15/29 | 240,073 | ||||||||||||||||
750,000 | DT Midstream, Inc.(c) |
4.3750 | 06/15/31 | 719,408 | ||||||||||||||||
500,000 | Genesis Energy, L.P. / Genesis Energy Finance |
7.7500 | 02/01/28 | 503,400 | ||||||||||||||||
1,000,000 | Global Partners, L.P. / GLP Finance Corporation |
7.0000 | 08/01/27 | 1,001,085 | ||||||||||||||||
1,000,000 | ITT Holdings, LLC(c) |
6.5000 | 08/01/29 | 925,760 | ||||||||||||||||
1,000,000 | NuStar Logistics, L.P. |
5.6250 | 04/28/27 | 980,550 | ||||||||||||||||
1,000,000 | PBF Holding Company, LLC / PBF Finance Corporation(c) |
9.2500 | 05/15/25 | 1,031,360 | ||||||||||||||||
775,000 | PBF Holding Company, LLC / PBF Finance Corporation |
7.2500 | 06/15/25 | 706,103 | ||||||||||||||||
500,000 | PBF Holding Company, LLC / PBF Finance Corporation |
6.0000 | 02/15/28 | 402,758 | ||||||||||||||||
|
|
| ||||||||||||||||||
12,314,133 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
PUBLISHING & BROADCASTING 1.9% | ||||||||||||||||||||
500,000 | Gray Escrow II, Inc.(c) |
5.3750 | 11/15/31 | 478,750 | ||||||||||||||||
500,000 | Gray Television, Inc.(c) |
7.0000 | 05/15/27 | 521,843 | ||||||||||||||||
1,750,000 | Gray Television, Inc.(c) |
4.7500 | 10/15/30 | 1,632,085 | ||||||||||||||||
|
|
| ||||||||||||||||||
2,632,678 | ||||||||||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
31
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||||
REAL ESTATE INVESTMENT TRUSTS 4.6% | ||||||||||||||||||||
1,000,000 | Diversified Healthcare Trust |
9.7500 | 06/15/25 | $ | 1,053,710 | |||||||||||||||
2,125,000 | GEO Group, Inc. (The) |
5.1250 | 04/01/23 | 2,000,123 | ||||||||||||||||
1,500,000 | iStar, Inc. |
5.5000 | 02/15/26 | 1,524,435 | ||||||||||||||||
1,250,000 | Service Properties Trust |
7.5000 | 09/15/25 | 1,313,813 | ||||||||||||||||
500,000 | Service Properties Trust |
5.5000 | 12/15/27 | 482,875 | ||||||||||||||||
|
|
| ||||||||||||||||||
6,374,956 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
REAL ESTATE OWNERS & DEVELOPERS 2.5% | ||||||||||||||||||||
3,749,000 | Howard Hughes Corporation (The)(c) |
4.3750 | 02/01/31 | 3,531,146 | ||||||||||||||||
|
|
| ||||||||||||||||||
RETAIL - CONSUMER STAPLES 0.1% | ||||||||||||||||||||
100,000 | Ingles Markets, Inc.(c) |
4.0000 | 06/15/31 | 94,573 | ||||||||||||||||
|
|
| ||||||||||||||||||
RETAIL - DISCRETIONARY 3.5% | ||||||||||||||||||||
1,550,000 | Beacon Roofing Supply, Inc.(c) |
4.1250 | 05/15/29 | 1,434,765 | ||||||||||||||||
1,250,000 | Ken Garff Automotive, LLC(c) |
4.8750 | 09/15/28 | 1,177,181 | ||||||||||||||||
250,000 | Lithia Motors, Inc.(c) |
3.8750 | 06/01/29 | 237,410 | ||||||||||||||||
500,000 | Lithia Motors, Inc.(c) |
4.3750 | 01/15/31 | 483,505 | ||||||||||||||||
1,800,000 | Sonic Automotive, Inc.(c) |
4.8750 | 11/15/31 | 1,598,761 | ||||||||||||||||
|
|
| ||||||||||||||||||
4,931,622 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
SOFTWARE 0.7% | ||||||||||||||||||||
1,000,000 | Crowdstrike Holdings, Inc. |
3.0000 | 02/15/29 | 919,910 | ||||||||||||||||
|
|
| ||||||||||||||||||
SPECIALTY FINANCE 14.9% | ||||||||||||||||||||
500,000 | AerCap Global Aviation Trust(b),(c) |
ICE LIBOR USD 3 Month + 4.300 | % | 6.5000 | 06/15/45 | 490,590 | ||||||||||||||
3,000,000 | Air Lease Corporation(b) |
H15T5Y + 4.076 | % | 4.6500 | 06/15/70 | 2,700,000 | ||||||||||||||
1,000,000 | Alliance Data Systems Corporation(c) |
7.0000 | 01/15/26 | 1,017,590 | ||||||||||||||||
2,500,000 | Burford Capital Global Finance, LLC(c) |
6.2500 | 04/15/28 | 2,541,238 | ||||||||||||||||
115,000 | Freedom Mortgage Corporation(c) |
8.1250 | 11/15/24 | 114,695 | ||||||||||||||||
786,000 | Freedom Mortgage Corporation(c) |
8.2500 | 04/15/25 | 784,813 | ||||||||||||||||
500,000 | Freedom Mortgage Corporation(c) |
7.6250 | 05/01/26 | 478,280 | ||||||||||||||||
1,000,000 | Freedom Mortgage Corporation(c) |
6.6250 | 01/15/27 | 928,750 | ||||||||||||||||
2,955,000 | ILFC E-Capital Trust I(b),(c) |
T30Y + 1.550 | % | 4.0500 | 12/21/65 | 2,341,838 | ||||||||||||||
1,500,000 | ILFC E-Capital Trust II(b),(c) |
T30Y + 1.800 | % | 4.3000 | 12/21/65 | 1,222,500 |
The accompanying notes are an integral part of these financial statements.
32
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||||
SPECIALTY FINANCE 14.9% (Continued) | ||||||||||||||||||||
750,000 | Ladder Capital Finance Holdings LLLP(c) |
4.2500 | 02/01/27 | $ | 720,284 | |||||||||||||||
1,700,000 | LFS Topco, LLC(c) |
5.8750 | 10/15/26 | 1,595,756 | ||||||||||||||||
500,000 | Nationstar Mortgage Holdings, Inc.(c) |
6.0000 | 01/15/27 | 509,660 | ||||||||||||||||
1,250,000 | Nationstar Mortgage Holdings, Inc.(c) |
5.5000 | 08/15/28 | 1,205,000 | ||||||||||||||||
1,250,000 | Nationstar Mortgage Holdings, Inc.(c) |
5.7500 | 11/15/31 | 1,194,356 | ||||||||||||||||
3,000,000 | New Residential Investment Corporation(c) |
6.2500 | 10/15/25 | 2,884,514 | ||||||||||||||||
125,000 | PHH Mortgage Corporation(c) |
7.8750 | 03/15/26 | 117,018 | ||||||||||||||||
|
|
| ||||||||||||||||||
20,846,882 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
STEEL 3.1% | ||||||||||||||||||||
1,500,000 | Allegheny Technologies, Inc. |
5.1250 | 10/01/31 | 1,409,265 | ||||||||||||||||
500,000 | Commercial Metals Company |
4.3750 | 03/15/32 | 465,353 | ||||||||||||||||
2,509,000 | TMS International Corporation(c) |
6.2500 | 04/15/29 | 2,388,342 | ||||||||||||||||
|
|
| ||||||||||||||||||
4,262,960 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
TECHNOLOGY HARDWARE 1.7% | ||||||||||||||||||||
300,000 | Ciena Corporation(c) |
4.0000 | 01/31/30 | 289,187 | ||||||||||||||||
1,000,000 | CommScope, Inc.(c) |
8.2500 | 03/01/27 | 975,154 | ||||||||||||||||
750,000 | CommScope, Inc.(c) |
7.1250 | 07/01/28 | 675,844 | ||||||||||||||||
500,000 | TTM Technologies, Inc.(c) |
4.0000 | 03/01/29 | 463,533 | ||||||||||||||||
|
|
| ||||||||||||||||||
2,403,718 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
TECHNOLOGY SERVICES 1.5% | ||||||||||||||||||||
260,000 | Fair Isaac Corporation(c) |
4.0000 | 06/15/28 | 252,179 | ||||||||||||||||
1,250,000 | HealthEquity, Inc.(c) |
4.5000 | 10/01/29 | 1,185,937 | ||||||||||||||||
500,000 | MSCI, Inc.(c) |
3.6250 | 11/01/31 | 471,408 | ||||||||||||||||
250,000 | MSCI, Inc.(c) |
3.2500 | 08/15/33 | 225,589 | ||||||||||||||||
|
|
| ||||||||||||||||||
2,135,113 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
TRANSPORTATION & LOGISTICS 0.8% | ||||||||||||||||||||
1,250,000 | First Student Bidco, Inc. / First Transit Parent, Inc.(c) |
4.0000 | 07/31/29 | 1,167,481 | ||||||||||||||||
|
|
| ||||||||||||||||||
TRANSPORTATION EQUIPMENT 0.4% | ||||||||||||||||||||
500,000 | Trinity Industries, Inc. |
4.5500 | 10/01/24 | 509,138 | ||||||||||||||||
125,000 | Wabash National Corporation(c) |
4.5000 | 10/15/28 | 112,656 | ||||||||||||||||
|
|
| ||||||||||||||||||
621,794 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
WHOLESALE - CONSUMER STAPLES 1.3% | ||||||||||||||||||||
1,500,000 | United Natural Foods, Inc.(c) |
6.7500 | 10/15/28 | 1,528,019 |
The accompanying notes are an integral part of these financial statements.
33
TIMOTHY PLAN HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||||||||
CORPORATE BONDS 95.6% (Continued) | ||||||||||||||||||||
WHOLESALE - CONSUMER STAPLES 1.3% (Continued) | ||||||||||||||||||||
295,000 | US Foods, Inc.(c) |
4.6250 | 06/01/30 | $ | 274,156 | |||||||||||||||
|
|
| ||||||||||||||||||
1,802,175 | ||||||||||||||||||||
|
|
| ||||||||||||||||||
TOTAL CORPORATE BONDS (Cost $139,322,327) | 133,534,831 | |||||||||||||||||||
|
|
| ||||||||||||||||||
Shares |
||||||||||||||||||||
SHORT-TERM INVESTMENT 0.8% | ||||||||||||||||||||
MONEY MARKET FUND - 0.8% | ||||||||||||||||||||
1,090,562 | Fidelity Government Portfolio, Class I, 0.12% (Cost $1,090,562)(d) |
|
1,090,562 | |||||||||||||||||
|
|
| ||||||||||||||||||
TOTAL INVESTMENTS - 98.6% (Cost $143,446,090) |
|
$ | 137,691,713 | |||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4% |
|
1,946,467 | ||||||||||||||||||
|
|
| ||||||||||||||||||
NET ASSETS - 100.0% | $ | 139,638,180 | ||||||||||||||||||
|
|
|
LLC | - Limited Liability Company | |
LP | - Limited Partnership | |
LTD | - Limited Company | |
MSCI | - Morgan Stanley Capital International | |
REIT | - Real Estate Investment Trust |
H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year | |
ICE LIBOR USD 3 Month | ICE LIBOR USD 3 Month |
(a) | Percentage rounds to less than 0.1%. |
(b) | Variable rate security; the rate shown represents the rate on March 31, 2022. |
(c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2022 the total market value of 144A securities is 111,177,201 or 79.5% of net assets. |
(d) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
34
TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 94.9% | ||||||||||||
ADVERTISING & MARKETING - 0.3% | ||||||||||||
26,000 | Tremor International Ltd. - ADR(a) |
$ | 395,460 | |||||||||
|
|
|
||||||||||
AEROSPACE & DEFENSE - 3.4% | ||||||||||||
18,001 | Elbit Systems Ltd. |
3,968,320 | ||||||||||
50,000 | RADA Electronic Industries Ltd.(a) |
696,500 | ||||||||||
|
|
|
||||||||||
4,664,820 | ||||||||||||
|
|
|
||||||||||
APPAREL & TEXTILE PRODUCTS - 3.7% | ||||||||||||
24,063 | Delta Galil Industries Ltd. |
1,648,388 | ||||||||||
21,392 | Fox Wizel Ltd. |
3,436,288 | ||||||||||
|
|
|
||||||||||
5,084,676 | ||||||||||||
|
|
|
||||||||||
BANKING 16.0% | ||||||||||||
110,000 | Bank Hapoalim BM - ADR |
5,418,600 | ||||||||||
549,000 | Bank Leumi Le-Israel BM |
5,942,296 | ||||||||||
63,300 | First International Bank Of Israel Ltd. |
2,739,410 | ||||||||||
602,000 | Israel Discount Bank Ltd., Class A |
3,765,448 | ||||||||||
105,000 | Mizrahi Tefahot Bank Ltd. |
4,119,583 | ||||||||||
|
|
|
||||||||||
21,985,337 | ||||||||||||
|
|
|
||||||||||
BIOTECH & PHARMA - 0.8% | ||||||||||||
490,000 | Enlight Renewable Energy Ltd.(a) |
1,154,251 | ||||||||||
|
|
|
||||||||||
CHEMICALS - 3.4% | ||||||||||||
382,902 | ICL Group Ltd. |
4,621,627 | ||||||||||
|
|
|
||||||||||
CONSTRUCTION MATERIALS - 0.7% | ||||||||||||
213,000 | Inrom Construction Industries Ltd. |
994,547 | ||||||||||
|
|
|
||||||||||
E-COMMERCE DISCRETIONARY - 0.8% | ||||||||||||
31,100 | Global-e Online Ltd.(a) |
1,050,558 | ||||||||||
|
|
|
||||||||||
ELECTRIC UTILITIES - 2.0% | ||||||||||||
33,700 | Ormat Technologies, Inc. |
2,757,700 | ||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
35
TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 94.9% (Continued) | ||||||||||||
FOOD - 1.1% | ||||||||||||
50,500 | Strauss Group Ltd. |
$ | 1,508,464 | |||||||||
|
|
|
||||||||||
HEALTH CARE FACILITIES & SERVICES - 2.8% | ||||||||||||
12,769 | Danel Adir Yeoshua Ltd. |
2,359,650 | ||||||||||
1,575,013 | Novolog Ltd. |
1,529,556 | ||||||||||
|
|
|
||||||||||
3,889,206 | ||||||||||||
|
|
|
||||||||||
HOME & OFFICE PRODUCTS - 1.7% | ||||||||||||
116,585 | Maytronics Ltd. |
2,286,324 | ||||||||||
|
|
|
||||||||||
INSTITUTIONAL FINANCIAL SERVICES - 1.9% | ||||||||||||
503,685 | Tel Aviv Stock Exchange Ltd. |
2,588,585 | ||||||||||
|
|
|
||||||||||
INSURANCE - 5.4% | ||||||||||||
184,000 | Harel Insurance Investments & Financial Services |
2,254,520 | ||||||||||
1,230,000 | Migdal Insurance & Financial Holdings Ltd. |
2,203,601 | ||||||||||
220,400 | Phoenix Holdings Ltd. |
2,904,271 | ||||||||||
|
|
|
||||||||||
7,362,392 | ||||||||||||
|
|
|
||||||||||
LEISURE FACILITIES & SERVICES - 2.0% | ||||||||||||
18,800 | Fattal Holdings 1998 Ltd.(a) |
2,704,735 | ||||||||||
|
|
|
||||||||||
MEDICAL EQUIPMENT & DEVICES - 0.8% | ||||||||||||
16,600 | Inmode Ltd.(a) |
612,706 | ||||||||||
5,700 | Novocure Ltd.(a) |
472,245 | ||||||||||
|
|
|
||||||||||
1,084,951 | ||||||||||||
|
|
|
||||||||||
OIL & GAS PRODUCERS - 6.1% | ||||||||||||
62,968 | Energean plc(a) |
985,142 | ||||||||||
80,000 | Energean plc(a) |
1,240,951 | ||||||||||
5,600 | Israel Corp Ltd. (The)(a) |
3,266,536 | ||||||||||
2,000,000 | Oil Refineries Ltd.(a) |
799,097 | ||||||||||
7,000 | Paz Oil Company Ltd.(a) |
1,028,579 | ||||||||||
1,425,000 | Ratio Oil Exploration 1992, L.P.(a) |
1,004,748 | ||||||||||
|
|
|
||||||||||
8,325,053 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
36
TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 93.9% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.4% | ||||||||||||
284,000 | Reit 1 Ltd. |
$ | 1,929,466 | |||||||||
|
|
|
||||||||||
REAL ESTATE OWNERS & DEVELOPERS - 12.4% | ||||||||||||
125,000 | Alony Hetz Properties & Investments Ltd. |
2,081,179 | ||||||||||
212,000 | Amot Investments Ltd. |
1,595,763 | ||||||||||
31,000 | Azrieli Group Ltd. |
2,737,551 | ||||||||||
160,000 | Bayside Land Corporation |
1,887,750 | ||||||||||
40,000 | Elco Ltd. |
3,422,018 | ||||||||||
175,000 | Gazit-Globe Ltd. |
1,595,296 | ||||||||||
16,380 | Melisron Ltd.(a) |
1,369,965 | ||||||||||
593,430 | Mivne Real Estate KD Ltd. |
2,324,551 | ||||||||||
|
|
|
||||||||||
17,014,073 | ||||||||||||
|
|
|
||||||||||
RENEWABLE ENERGY - 1.6% | ||||||||||||
296,360 | Energix-Renewable Energies Ltd. |
1,137,666 | ||||||||||
3,100 | SolarEdge Technologies, Inc.(a) |
999,347 | ||||||||||
|
|
|
||||||||||
2,137,013 | ||||||||||||
|
|
|
||||||||||
RETAIL - CONSUMER STAPLES - 2.8% | ||||||||||||
18,700 | Rami Levy Chain Stores Hashikma Marketing 2006 |
1,494,312 | ||||||||||
210,000 | Shufersal Ltd. |
1,905,801 | ||||||||||
27,315 | Victory Supermarket Chain Ltd. |
503,227 | ||||||||||
|
|
|
||||||||||
3,903,340 | ||||||||||||
|
|
|
||||||||||
SEMICONDUCTORS - 5.7% | ||||||||||||
39,000 | Nova Measuring Instruments Ltd.(a) |
4,246,320 | ||||||||||
74,423 | Tower Semiconductor Ltd.(a) |
3,602,073 | ||||||||||
|
|
|
||||||||||
7,848,393 | ||||||||||||
|
|
|
||||||||||
SOFTWARE - 11.5% | ||||||||||||
14,700 | CyberArk Software Ltd.(a) |
2,480,626 | ||||||||||
33,435 | Hilan Ltd. |
2,073,513 | ||||||||||
25,300 | Nice Ltd. - ADR(a) |
5,540,700 | ||||||||||
60,000 | One Software Technologies Ltd. |
1,044,467 | ||||||||||
45,300 | Sapiens International Corp N.V. |
1,150,167 | ||||||||||
46,500 | Varonis Systems, Inc.(a) |
2,210,610 | ||||||||||
25,500 | Verint Systems, Inc.(a) |
1,318,350 | ||||||||||
|
|
|
||||||||||
15,818,433 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
37
TIMOTHY PLAN ISRAEL COMMON VALUES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 94.9% (Continued) | ||||||||||||
TECHNOLOGY HARDWARE - 2.0% | ||||||||||||
22,800 | AudioCodes Ltd. |
$ | 582,540 | |||||||||
25,800 | Kornit Digital Ltd.(a) |
2,133,402 | ||||||||||
|
|
|
||||||||||
2,715,942 | ||||||||||||
|
|
|
||||||||||
TECHNOLOGY SERVICES - 2.2% | ||||||||||||
86,783 | Magic Software Enterprises Ltd. |
1,495,272 | ||||||||||
56,210 | Matrix IT Ltd. |
1,470,820 | ||||||||||
|
|
|
||||||||||
2,966,092 | ||||||||||||
|
|
|
||||||||||
WHOLESALE - DISCRETIONARY - 2.4% | ||||||||||||
20,300 | Tadiran Holdings Ltd. |
3,309,223 | ||||||||||
|
|
|
||||||||||
TOTAL COMMON STOCKS (Cost $63,824,250) | 130,100,661 | |||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENTS 5.5% | ||||||||||||
MONEY MARKET FUNDS - 5.5% | ||||||||||||
7,477,469 | Fidelity Government Portfolio, CLASS I, 0.11% (Cost $7,477,469)(b) |
7,477,469 | ||||||||||
|
|
|
||||||||||
TOTAL INVESTMENTS 100.4% (Cost $71,301,719) | $ | 137,578,130 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES-(0.4)% | (554,176 | ) | ||||||||||
|
|
|
||||||||||
NET ASSETS - 100.0% | $ | 137,023,954 | ||||||||||
|
|
|
ADR | - American Depositary Receipt | |
LP | - Limited Partnership | |
LTD | - Limited Company | |
NV | - Naamioze Vennootschap | |
PLC | - Public Limited Company | |
REIT | - Real Estate Investment Trust | |
USB | US Bank |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
38
SCHEDULE OF INVESTMENTS (Unaudited)
TIMOTHY PLAN ISRAEL COMMON VALUES FUND
MARCH 31, 2022
Diversification of Assets | ||||
Country | % of Net Assets | |||
Israel |
86.8% | |||
United States |
5.3% | |||
United Kingdom |
1.6% | |||
Cayman Islands |
0.9% | |||
Jersey |
0.3% | |||
|
|
|||
Total |
94.9% | |||
Money Market Funds |
5.5% | |||
Other Assets Less Liabilities - Net |
(0.4)% | |||
|
|
|||
Grand Total |
100.0% | |||
|
|
The accompanying notes are an integral part of these financial statements.
39
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
CLOSED END FUND 4.9% | ||||||||||||
COMMODITY - 4.9% | ||||||||||||
430,000 | Sprott Physical Silver Trust (Cost $4,013,532)(a) |
$ | 3,771,100 | |||||||||
|
|
|
||||||||||
COMMON STOCKS 43.4% | ||||||||||||
CHEMICALS - 2.8% | ||||||||||||
2,884 | CF Industries Holdings, Inc. |
297,224 | ||||||||||
1,837 | Chemours Company (The) |
57,829 | ||||||||||
1,605 | FMC Corporation |
211,170 | ||||||||||
3,251 | K+S A.G.(a) |
98,728 | ||||||||||
3,969 | Mosaic Company (The) |
263,939 | ||||||||||
5,216 | Nutrien Ltd. |
542,411 | ||||||||||
682 | OCI N.V.(a) |
24,205 | ||||||||||
1,463 | Sasol Ltd. - ADR(a) |
35,375 | ||||||||||
3,679 | Sociedad Quimica y Minera de Chile S.A. - ADR |
314,923 | ||||||||||
5,409 | Yara International ASA |
271,619 | ||||||||||
|
|
|
||||||||||
2,117,423 | ||||||||||||
|
|
|
||||||||||
DIVERSIFIED INDUSTRIALS - 0.0%(b) | ||||||||||||
638 | Pentair PLC |
34,586 | ||||||||||
|
|
|
||||||||||
ELECTRIC UTILITIES - 0.1% | ||||||||||||
865 | Neoen S.A.(a) |
36,958 | ||||||||||
503 | Ormat Technologies, Inc. |
41,160 | ||||||||||
|
|
|
||||||||||
78,118 | ||||||||||||
|
|
|
||||||||||
ELECTRICAL EQUIPMENT - 0.0%(b) | ||||||||||||
237 | Watts Water Technologies, Inc., Class A |
33,083 | ||||||||||
|
|
|
||||||||||
FOOD - 1.0% | ||||||||||||
428 | Bakkafrost P/F |
28,835 | ||||||||||
1,762 | Beyond Meat, Inc.(a) |
85,122 | ||||||||||
8,982 | BRF S.A. - ADR(a) |
35,659 | ||||||||||
545 | Cal-Maine Foods, Inc. |
30,095 | ||||||||||
948 | Darling Ingredients, Inc.(a) |
76,200 |
The accompanying notes are an integral part of these financial statements.
40
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 43.4% (Continued) | ||||||||||||
FOOD - 1.0% (Continued) | ||||||||||||
1,365 | Ingredion, Inc. |
$ | 118,961 | |||||||||
600 | Morinaga Milk Industry Company Ltd. |
25,779 | ||||||||||
3,566 | Mowi ASA |
96,423 | ||||||||||
4,700 | Nippon Suisan Kaisha Ltd. |
21,159 | ||||||||||
1,279 | Pilgrims Pride Corporation(a) |
32,103 | ||||||||||
554 | Sanderson Farms, Inc. |
103,869 | ||||||||||
4,300 | Saputo, Inc. |
101,841 | ||||||||||
|
|
|
||||||||||
756,046 | ||||||||||||
|
|
|
||||||||||
FORESTRY, PAPER & WOOD PRODUCTS - 0.1% | ||||||||||||
600 | Canfor Corporation(a) |
12,363 | ||||||||||
3,200 | Sumitomo Forestry Company Ltd. |
56,994 | ||||||||||
|
|
|
||||||||||
69,357 | ||||||||||||
|
|
|
||||||||||
GAS & WATER UTILITIES - 0.4% | ||||||||||||
403 | American States Water Company |
35,875 | ||||||||||
671 | American Water Works Company, Inc. |
111,072 | ||||||||||
437 | California Water Service Group |
25,905 | ||||||||||
5,672 | Cia de Saneamento Basico do Estado de Sao Paulo - ADR |
55,756 | ||||||||||
539 | Essential Utilities, Inc. |
27,559 | ||||||||||
885 | Pennon Group PLC |
12,497 | ||||||||||
1,154 | Severn Trent PLC |
46,660 | ||||||||||
1,944 | United Utilities Group PLC |
28,716 | ||||||||||
|
|
|
||||||||||
344,040 | ||||||||||||
|
|
|
||||||||||
HEALTH CARE FACILITIES & SERVICES - 0.4% | ||||||||||||
48,754 | Brookdale Senior Living, Inc.(a) |
343,716 | ||||||||||
|
|
|
||||||||||
MACHINERY - 1.3% | ||||||||||||
1,078 | AGCO Corporation |
157,420 | ||||||||||
7,592 | CNH Industrial N.V. |
120,409 | ||||||||||
1,028 | Deere & Company |
427,094 | ||||||||||
291 | Evoqua Water Technologies Corporation(a) |
13,671 | ||||||||||
11,700 | Kubota Corporation |
221,360 | ||||||||||
700 | Kurita Water Industries Ltd. |
26,137 | ||||||||||
840 | Weir Group PLC (The) |
18,107 | ||||||||||
|
|
|
||||||||||
984,198 | ||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
41
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 43.4% (Continued) | ||||||||||||
METALS & MINING - 6.8% | ||||||||||||
1,501 | Agnico Eagle Mines Ltd. |
$ | 91,921 | |||||||||
3,334 | Agnico Eagle Mines Ltd. |
204,024 | ||||||||||
8,525 | Alamos Gold, Inc., Class A |
71,781 | ||||||||||
1,047 | Alcoa Corporation |
94,261 | ||||||||||
2,553 | Anglo American PLC |
133,224 | ||||||||||
2,708 | AngloGold Ashanti Ltd. - ADR |
64,153 | ||||||||||
1,391 | Antofagasta PLC |
30,570 | ||||||||||
668 | Arconic Corporation(a) |
17,114 | ||||||||||
252 | Aurubis A.G. |
30,235 | ||||||||||
50,013 | B2Gold Corporation |
229,560 | ||||||||||
490 | Barrick Gold Corporation |
12,020 | ||||||||||
4,539 | BHP Group Ltd. - ADR |
350,638 | ||||||||||
2,352 | Cameco Corporation |
68,443 | ||||||||||
4,500 | Capstone Copper Corporation(a) |
25,448 | ||||||||||
3,247 | Cia de Minas Buenaventura S.A.A - ADR(a) |
32,697 | ||||||||||
964 | Cleveland-Cliffs, Inc.(a) |
31,050 | ||||||||||
413 | Compass Minerals International, Inc. |
25,932 | ||||||||||
4,400 | Endeavour Mining PLC |
109,137 | ||||||||||
180 | Eramet S.A.(a) |
29,791 | ||||||||||
1,100 | ERO Copper Corporation(a) |
16,110 | ||||||||||
6,434 | First Majestic Silver Corporation |
84,671 | ||||||||||
7,100 | First Quantum Minerals Ltd. |
245,790 | ||||||||||
542 | Franco-Nevada Corporation |
86,460 | ||||||||||
7,534 | Freeport-McMoRan, Inc. |
374,742 | ||||||||||
614 | Gold Fields Ltd. - ADR |
9,492 | ||||||||||
14,688 | Hecla Mining Company |
96,500 | ||||||||||
5,000 | Hudbay Minerals, Inc. |
39,273 | ||||||||||
12,800 | Ivanhoe Mines Ltd.(a) |
119,378 | ||||||||||
24,889 | Kinross Gold Corporation |
146,347 | ||||||||||
1,334 | Lithium Americas Corporation(a) |
51,346 | ||||||||||
3,123 | Livent Corporation(a) |
81,417 | ||||||||||
14,300 | Lundin Mining Corporation |
144,920 | ||||||||||
1,493 | Newmont Corporation |
118,619 | ||||||||||
9,396 | Norsk Hydro ASA |
91,911 |
The accompanying notes are an integral part of these financial statements.
42
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 43.4% (Continued) | ||||||||||||
METALS & MINING - 6.8% (Continued) | ||||||||||||
4,291 | Pan American Silver Corporation |
$ | 117,144 | |||||||||
5,421 | Rio Tinto PLC - ADR |
435,848 | ||||||||||
730 | Royal Gold, Inc. |
103,134 | ||||||||||
1,686 | Southern Copper Corporation |
127,967 | ||||||||||
5,543 | SSR Mining, Inc. |
120,560 | ||||||||||
3,500 | Sumitomo Metal Mining Company Ltd. |
177,207 | ||||||||||
2,143 | Teck Resources Ltd., Class B |
86,528 | ||||||||||
3,323 | Turquoise Hill Resources Ltd.(a) |
99,823 | ||||||||||
17,096 | Vale S.A. - ADR |
341,749 | ||||||||||
3,501 | Wheaton Precious Metals Corporation |
166,578 | ||||||||||
8,737 | Yamana Gold, Inc. |
48,752 | ||||||||||
|
|
|
||||||||||
5,184,265 | ||||||||||||
|
|
|
||||||||||
OIL & GAS PRODUCERS - 5.5% | ||||||||||||
5,196 | Aker BP ASA |
195,161 | ||||||||||
4,673 | APA Corporation |
193,135 | ||||||||||
8,400 | ARC Resources Ltd. |
112,474 | ||||||||||
4,770 | Canadian Natural Resources Ltd. |
295,645 | ||||||||||
9,200 | Cenovus Energy, Inc. |
153,357 | ||||||||||
1,701 | CNX Resources Corporation(a) |
35,245 | ||||||||||
3,626 | ConocoPhillips |
362,599 | ||||||||||
6,670 | Coterra Energy, Inc. |
179,890 | ||||||||||
24,600 | Crescent Point Energy Corporation |
178,271 | ||||||||||
475 | Devon Energy Corporation |
28,087 | ||||||||||
2,248 | Diamondback Energy, Inc. |
308,156 | ||||||||||
1,026 | Ecopetrol S.A. - ADR |
19,084 | ||||||||||
3,217 | EOG Resources, Inc. |
383,562 | ||||||||||
127 | EQT Corporation |
4,370 | ||||||||||
1,315 | Hess Corporation |
140,758 | ||||||||||
24,000 | Inpex Corporation |
283,919 | ||||||||||
1,380 | Magnolia Oil & Gas Corporation |
32,637 | ||||||||||
227 | Marathon Oil Corporation |
5,700 | ||||||||||
2,041 | Occidental Petroleum Corporation |
115,806 | ||||||||||
1,141 | Ovintiv, Inc. |
61,694 | ||||||||||
2,800 | Parex Resources, Inc.(a) |
57,446 |
The accompanying notes are an integral part of these financial statements.
43
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 43.4% (Continued) | ||||||||||||
OIL & GAS PRODUCERS - 5.5% (Continued) | ||||||||||||
2,370 | PDC Energy, Inc. |
$ | 172,252 | |||||||||
3,018 | Petroleo Brasileiro S.A. - ADR |
44,666 | ||||||||||
927 | Pioneer Natural Resources Company |
231,778 | ||||||||||
2,695 | Range Resources Corporation(a) |
81,874 | ||||||||||
312 | SM Energy Company |
12,152 | ||||||||||
9,131 | Southwestern Energy Company(a) |
65,469 | ||||||||||
5,400 | Tourmaline Oil Corporation |
248,790 | ||||||||||
7,700 | Vermilion Energy, Inc. |
161,673 | ||||||||||
|
|
|
||||||||||
4,165,650 | ||||||||||||
|
|
|
||||||||||
OIL & GAS SERVICES & EQUIPMENT - 1.1% | ||||||||||||
1,046 | Baker Hughes Company |
38,085 | ||||||||||
2,561 | ChampionX Corporation(a) |
62,693 | ||||||||||
6,953 | Halliburton Company |
263,310 | ||||||||||
3,172 | Helmerich & Payne, Inc. |
135,698 | ||||||||||
2,874 | NOV, Inc. |
56,359 | ||||||||||
3,391 | Patterson-UTI Energy, Inc. |
52,493 | ||||||||||
4,683 | Schlumberger N.V. |
193,455 | ||||||||||
733 | TechnipFMC PLC(a) |
4,775 | ||||||||||
|
|
|
||||||||||
806,868 | ||||||||||||
|
|
|
||||||||||
REAL ESTATE INVESTMENT TRUSTS - 21.2% | ||||||||||||
10,000 | Alexander & Baldwin, Inc. |
231,900 | ||||||||||
12,000 | American Assets Trust, Inc. |
454,680 | ||||||||||
11,500 | American Campus Communities, Inc. |
643,655 | ||||||||||
17,000 | American Homes 4 Rent, Class A |
680,510 | ||||||||||
2,000 | American Tower Corporation |
502,440 | ||||||||||
15,000 | Americold Realty Trust |
418,200 | ||||||||||
22,000 | Armada Hoffler Properties, Inc. |
321,200 | ||||||||||
4,000 | AvalonBay Communities, Inc. |
993,480 | ||||||||||
3,500 | Camden Property Trust |
581,700 | ||||||||||
10,000 | Cousins Properties, Inc. |
402,900 | ||||||||||
6,600 | Crown Castle International Corporation |
1,218,360 | ||||||||||
5,000 | CTO Realty Growth, Inc. |
331,600 | ||||||||||
1,200 | Equinix, Inc. |
889,944 | ||||||||||
900 | Essex Property Trust, Inc. |
310,932 |
The accompanying notes are an integral part of these financial statements.
44
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 43.4% (Continued) | ||||||||||||
REAL ESTATE INVESTMENT TRUSTS - 21.2% (Continued) | ||||||||||||
15,000 | InvenTrust Properties Corporation |
$ | 461,700 | |||||||||
17,000 | Invitation Homes, Inc. |
683,060 | ||||||||||
3,800 | Life Storage, Inc. |
533,634 | ||||||||||
16,000 | Plymouth Industrial REIT, Inc. |
433,600 | ||||||||||
2,332 | PotlatchDeltic Corporation |
122,966 | ||||||||||
8,200 | Prologis, Inc. |
1,324,136 | ||||||||||
1,700 | Public Storage |
663,476 | ||||||||||
2,865 | Rayonier, Inc. |
117,809 | ||||||||||
23,000 | Sabra Health Care REIT, Inc. |
342,470 | ||||||||||
2,800 | SBA Communications Corporation |
963,480 | ||||||||||
25,000 | SITE Centers Corporation |
417,750 | ||||||||||
2,300 | Sun Communities, Inc. |
403,167 | ||||||||||
12,600 | Ventas, Inc. |
778,176 | ||||||||||
8,500 | Welltower, Inc. |
817,190 | ||||||||||
4,332 | Weyerhaeuser Company |
164,183 | ||||||||||
|
|
|
||||||||||
16,208,298 | ||||||||||||
|
|
|
||||||||||
RENEWABLE ENERGY - 0.9% | ||||||||||||
3,523 | Array Technologies, Inc.(a) |
39,704 | ||||||||||
975 | Atlantica Sustainable Infrastructure PLC |
34,193 | ||||||||||
6,515 | Ballard Power Systems, Inc.(a) |
75,835 | ||||||||||
3,048 | Daqo New Energy Corporation - ADR(a) |
125,943 | ||||||||||
501 | Enphase Energy, Inc.(a) |
101,092 | ||||||||||
438 | First Solar, Inc.(a) |
36,678 | ||||||||||
1,733 | Green Plains, Inc.(a) |
53,740 | ||||||||||
1,754 | Plug Power, Inc.(a) |
50,182 | ||||||||||
1,877 | Renewable Energy Group, Inc.(a) |
113,840 | ||||||||||
183 | SolarEdge Technologies, Inc.(a) |
58,994 | ||||||||||
|
|
|
||||||||||
690,201 | ||||||||||||
|
|
|
||||||||||
STEEL - 1.2% | ||||||||||||
1,575 | ArcelorMittal S.A. - ADR |
50,416 | ||||||||||
21,328 | Cia Siderurgica Nacional S.A. - ADR |
115,598 | ||||||||||
15,931 | Gerdau S.A. - ADR |
102,436 | ||||||||||
2,300 | Hitachi Metals Ltd.(a) |
38,565 | ||||||||||
3,900 | JFE Holdings, Inc. |
55,204 |
The accompanying notes are an integral part of these financial statements.
45
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Shares |
Fair Value | |||||||||||
COMMON STOCKS 43.4% (Continued) | ||||||||||||
STEEL - 1.2% (Continued) | ||||||||||||
6,400 | Nippon Steel Corporation |
$ | 114,146 | |||||||||
262 | Reliance Steel & Aluminum Company |
48,038 | ||||||||||
346 | Steel Dynamics, Inc. |
28,867 | ||||||||||
2,000 | Stelco Holdings, Inc. |
83,170 | ||||||||||
2,884 | Ternium S.A. - ADR |
131,654 | ||||||||||
3,434 | United States Steel Corporation |
129,598 | ||||||||||
|
|
|
||||||||||
897,692 | ||||||||||||
|
|
|
||||||||||
TELECOMMUNICATIONS - 0.3% | ||||||||||||
7,020 | Switch, Inc., Class A |
216,356 | ||||||||||
|
|
|
||||||||||
TRANSPORTATION EQUIPMENT - 0.0%(b) | ||||||||||||
1,518 | Iveco Group N.V.(a) |
9,995 | ||||||||||
|
|
|
||||||||||
WHOLESALE - CONSUMER STAPLES - 0.3% | ||||||||||||
1,862 | Bunge Ltd. |
206,328 | ||||||||||
|
|
|
||||||||||
TOTAL COMMON STOCKS (Cost $25,764,528) | 33,146,220 | |||||||||||
|
|
|
||||||||||
EXCHANGE-TRADED FUND 2.0% | ||||||||||||
SPECIALTY - 2.0% | ||||||||||||
76,000 | Invesco DB US Dollar Index Bearish Fund (Cost $1,601,118)(a) |
1,492,640 | ||||||||||
|
|
|
||||||||||
PRECIOUS METALS - PHYSICAL HOLDING 15.6% | ||||||||||||
PRECIOUS METAL - 15.6% | ||||||||||||
6,143 | GOLD BARS (Cost $7,240,876)(a) |
11,900,314 | ||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
46
TIMOTHY PLAN DEFENSIVE STRATEGIES FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||||
U.S. GOVERNMENT & AGENCIES 26.5% | ||||||||||||||||
U.S. TREASURY INFLATION PROTECTED 26.5% | ||||||||||||||||
2,430,000 | United States Treasury Inflation Indexed Bonds |
0.6250 | 01/15/24 | $ | 3,082,541 | |||||||||||
700,000 | United States Treasury Inflation Indexed Bonds |
2.3750 | 01/15/25 | 1,161,011 | ||||||||||||
645,000 | United States Treasury Inflation Indexed Bonds |
2.0000 | 01/15/26 | 1,025,886 | ||||||||||||
1,485,000 | United States Treasury Inflation Indexed Bonds |
2.3750 | 01/15/27 | 2,407,141 | ||||||||||||
1,495,000 | United States Treasury Inflation Indexed Bonds |
0.5000 | 01/15/28 | 1,828,042 | ||||||||||||
1,250,000 | United States Treasury Inflation Indexed Bonds |
1.7500 | 01/15/28 | 1,925,870 | ||||||||||||
1,800,000 | United States Treasury Inflation Indexed Bonds |
0.8750 | 01/15/29 | 2,219,649 | ||||||||||||
1,200,000 | United States Treasury Inflation Indexed Bonds |
2.5000 | 01/15/29 | 1,919,636 | ||||||||||||
2,160,000 | United States Treasury Inflation Indexed Bonds |
0.1250 | 01/15/31 | 2,485,740 | ||||||||||||
880,000 | United States Treasury Inflation Indexed Bonds |
2.1250 | 02/15/41 | 1,616,336 | ||||||||||||
485,000 | United States Treasury Inflation Indexed Bonds |
0.1250 | 02/15/51 | 546,706 | ||||||||||||
|
|
| ||||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,829,368) | 20,218,558 | |||||||||||||||
|
|
| ||||||||||||||
Shares |
||||||||||||||||
SHORT-TERM INVESTMENT 6.7% | ||||||||||||||||
MONEY MARKET FUND - 6.7% | ||||||||||||||||
5,157,393 | Fidelity Government Portfolio, Class I, 0.12% (Cost $5,157,393)(c) |
5,157,393 | ||||||||||||||
|
|
| ||||||||||||||
TOTAL INVESTMENTS - 99.1% (Cost $63,606,815) | $ | 75,686,225 | ||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | 722,323 | |||||||||||||||
|
|
| ||||||||||||||
NET ASSETS - 100.0% | $ | 76,408,549 | ||||||||||||||
|
|
|
ADR | - American Depositary Receipt | |||||||
LTD | - Limited Company | |||||||
NV | - Naamioze Vennootschap | |||||||
PLC | - Public Limited Company | |||||||
REIT | - Real Estate Investment Trust | |||||||
S/A | - Société Anonyme |
(a) | Non-income producing security. |
(b) | Percentage rounds to less than 0.1%. |
(c) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
47
TIMOTHY PLAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||||||
EXCHANGE-TRADED FUNDS 56.4% | ||||||||||||||||
EQUITY - 56.4% | ||||||||||||||||
124,106 | Timothy Plan High Dividend Stock Enhanced ETF(a) |
$ | 3,395,342 | |||||||||||||
307,856 | Timothy Plan International ETF(a) |
8,286,591 | ||||||||||||||
267,039 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) |
6,833,394 | ||||||||||||||
103,323 | Timothy Plan US Small Cap Core ETF(a) |
3,406,838 | ||||||||||||||
|
|
|
||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $20,088,547) | 21,922,165 | |||||||||||||||
|
|
|
||||||||||||||
OPEN END FUNDS 40.4% | ||||||||||||||||
EQUITY - 7.9% | ||||||||||||||||
263,147 | Timothy Plan International Fund, Class A(a) |
3,081,452 | ||||||||||||||
|
|
|
||||||||||||||
FIXED INCOME - 23.4% | ||||||||||||||||
687,131 | Timothy Plan Fixed Income Fund, Class A(a) |
6,727,017 | ||||||||||||||
252,133 | Timothy Plan High Yield Bond Fund, Class A(a) |
2,339,798 | ||||||||||||||
|
|
|
||||||||||||||
9,066,815 | ||||||||||||||||
|
|
|
||||||||||||||
MIXED ALLOCATION - 9.1% | ||||||||||||||||
238,420 | Timothy Plan Defensive Strategies Fund, Class A(a) |
3,538,152 | ||||||||||||||
|
|
|
||||||||||||||
TOTAL OPEN END FUNDS (Cost $15,226,066) | 15,686,419 | |||||||||||||||
|
|
|
||||||||||||||
SHORT-TERM INVESTMENTS 3.2% | ||||||||||||||||
MONEY MARKET FUNDS - 3.2% | ||||||||||||||||
1,223,258 | Fidelity Government Portfolio, CLASS I, 0.11% (Cost $1,223,258)(b) |
1,223,258 | ||||||||||||||
|
|
|
||||||||||||||
TOTAL INVESTMENTS - 100.0% (Cost $36,537,871) | $ | 38,831,842 | ||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0% | (4,582 | ) | ||||||||||||||
|
|
|
||||||||||||||
NET ASSETS - 100.0% | $ | 38,827,260 | ||||||||||||||
|
|
|
ETF |
- Exchange-Traded Fund |
(a) | Investment in affiliate. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
48
TIMOTHY PLAN CONSERVATIVE GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||
EXCHANGE-TRADED FUNDS 38.9% | ||||||||||||
EQUITY - 38.9% | ||||||||||||
83,660 | Timothy Plan High Dividend Stock Enhanced ETF (a) |
$ | 2,288,804 | |||||||||
227,844 | Timothy Plan International ETF(a) |
6,132,900 | ||||||||||
291,386 | Timothy Plan US Large/Mid Cap Core Enhanced ETF(a) |
7,456,422 | ||||||||||
102,305 | Timothy Plan US Small Cap Core ETF(a) |
3,373,272 | ||||||||||
|
|
|
||||||||||
19,251,398 | ||||||||||||
|
|
|
||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $17,654,958) | 19,251,398 | |||||||||||
|
|
|
||||||||||
OPEN END FUNDS 57.1% | ||||||||||||
EQUITY - 5.4% | ||||||||||||
230,267 | Timothy Plan International Fund, Class A(a) |
2,696,424 | ||||||||||
|
|
|
||||||||||
FIXED INCOME - 44.6% | ||||||||||||
1,923,980 | Timothy Plan Fixed Income Fund, Class A(a) |
18,835,766 | ||||||||||
347,722 | Timothy Plan High Yield Bond Fund, Class A(a) |
3,226,858 | ||||||||||
|
|
|
||||||||||
22,062,624 | ||||||||||||
|
|
|
||||||||||
MIXED ALLOCATION - 7.1% | ||||||||||||
236,102 | Timothy Plan Defensive Strategies Fund, Class A(a) |
3,503,758 | ||||||||||
|
|
|
||||||||||
TOTAL OPEN END FUNDS (Cost $28,318,537) | 28,262,806 | |||||||||||
|
|
|
||||||||||
SHORT-TERM INVESTMENT 4.0% | ||||||||||||
MONEY MARKET FUND - 4.0% | ||||||||||||
1,980,436 | Fidelity Government Portfolio, Class I, 0.12% (Cost $1,980,436)(b) |
1,980,436 | ||||||||||
|
|
|
||||||||||
TOTAL INVESTMENTS - 100.0% (Cost $47,953,931) | $ | 49,494,640 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0% | 11,034 | |||||||||||
|
|
|
||||||||||
NET ASSETS - 100.0% | $ | 49,505,674 | ||||||||||
|
|
|
ETF |
- Exchange-Traded Fund |
(a) | Investment in affiliate. |
(b) | Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
49
TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Shares |
Fair Value | |||||||||||||||
EXCHANGE-TRADED FUNDS 62.7% | ||||||||||||||||
EQUITY - 62.7% | ||||||||||||||||
295,000 | Timothy Plan High Dividend Stock Enhanced ETF(a) |
$ | 8,070,728 | |||||||||||||
140,000 | Timothy Plan High Dividend Stock ETF (a) |
4,622,800 | ||||||||||||||
|
|
|
||||||||||||||
12,693,528 | ||||||||||||||||
|
|
|
||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $10,895,106) | 12,693,528 | |||||||||||||||
|
|
|
Principal Amount ($) |
Coupon Rate (%) |
Maturity | ||||||||||||
CORPORATE BONDS 6.6% | ||||||||||||||
CHEMICALS 0.7% | ||||||||||||||
59,000 | LYB International Finance BV |
4.0000 | 07/15/23 | 59,958 | ||||||||||
85,000 | Nutrien Ltd. |
4.0000 | 12/15/26 | 87,684 | ||||||||||
|
|
| ||||||||||||
147,642 | ||||||||||||||
|
|
| ||||||||||||
ELECTRIC UTILITIES 0.9% | ||||||||||||||
110,000 | American Electric Power Company, Inc. |
3.2000 | 11/13/27 | 109,127 | ||||||||||
45,000 | National Rural Utilities Cooperative Finance Corporation |
2.9500 | 02/07/24 | 45,208 | ||||||||||
22,000 | WEC Energy Group, Inc. |
3.5500 | 06/15/25 | 22,071 | ||||||||||
|
|
| ||||||||||||
176,406 | ||||||||||||||
|
|
| ||||||||||||
ELECTRICAL EQUIPMENT 0.3% | ||||||||||||||
60,000 | ABB Finance USA, Inc. |
2.8750 | 05/08/22 | 60,024 | ||||||||||
|
|
| ||||||||||||
GAS & WATER UTILITIES 0.5% | ||||||||||||||
110,000 | NiSource, Inc. |
3.4900 | 05/15/27 | 109,815 | ||||||||||
|
|
| ||||||||||||
INSTITUTIONAL FINANCIAL SERVICES 0.3% | ||||||||||||||
55,000 | CBOE Global Markets, Inc. |
3.6500 | 01/12/27 | 56,049 | ||||||||||
|
|
| ||||||||||||
MACHINERY 0.2% | ||||||||||||||
35,000 | Eaton Corporation |
2.7500 | 11/02/22 | 35,191 | ||||||||||
|
|
| ||||||||||||
OIL & GAS PRODUCERS 1.5% | ||||||||||||||
85,000 | Columbia Pipeline Group, Inc. |
4.5000 | 06/01/25 | 87,784 | ||||||||||
115,000 | Phillips 66 Partners, L.P. |
3.6050 | 02/15/25 | 116,059 | ||||||||||
110,000 | Sunoco Logistics Partners Operations, L.P. |
4.2500 | 04/01/24 | 112,211 | ||||||||||
|
|
| ||||||||||||
316,054 | ||||||||||||||
|
|
|
The accompanying notes are an integral part of these financial statements.
50
TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($) |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||
CORPORATE BONDS 6.6% (Continued) | ||||||||||||||
REAL ESTATE INVESTMENT TRUSTS 1.0% | ||||||||||||||
75,000 | Digital Realty Trust, L.P. |
3.7000 | 08/15/27 | $ | 75,572 | |||||||||
120,000 | Healthpeak Properties, Inc. |
3.5000 | 07/15/29 | 119,848 | ||||||||||
|
|
| ||||||||||||
195,420 | ||||||||||||||
|
|
| ||||||||||||
RETAIL - CONSUMER STAPLES 0.4% | ||||||||||||||
80,000 | Dollar General Corporation |
4.1250 | 05/01/28 | 82,564 | ||||||||||
|
|
| ||||||||||||
TRANSPORTATION & LOGISTICS 0.8% | ||||||||||||||
55,000 | Canadian Pacific Railway Company |
2.9000 | 02/01/25 | 54,808 | ||||||||||
110,000 | CSX Corporation |
3.2500 | 06/01/27 | 111,055 | ||||||||||
|
|
| ||||||||||||
165,863 | ||||||||||||||
|
|
| ||||||||||||
TOTAL CORPORATE BONDS (Cost $1,358,368) | 1,345,028 | |||||||||||||
|
|
| ||||||||||||
NON U.S. GOVERNMENT & AGENCIES 1.0% | ||||||||||||||
GOVERNMENT GUARANTEED 0.2% | ||||||||||||||
45,000 | Kreditanstalt fuer Wiederaufbau |
2.1250 | 06/15/22 | 45,119 | ||||||||||
|
|
| ||||||||||||
LOCAL AUTHORITY 0.6% | ||||||||||||||
120,000 | Province of Ontario Canada |
2.5000 | 04/27/26 | 119,311 | ||||||||||
|
|
| ||||||||||||
SUPRANATIONAL 0.2% | ||||||||||||||
45,000 | European Investment Bank |
2.3750 | 06/15/22 | 45,141 | ||||||||||
|
|
| ||||||||||||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $211,087) | 209,571 | |||||||||||||
|
|
| ||||||||||||
U.S. GOVERNMENT & AGENCIES 27.2% | ||||||||||||||
AGENCY FIXED RATE 8.8% | ||||||||||||||
62,592 | Fannie Mae Pool FM5537 |
2.0000 | 01/01/36 | 60,874 | ||||||||||
44,735 | Fannie Mae Pool MA4316 |
2.5000 | 04/01/36 | 44,382 | ||||||||||
21,736 | Fannie Mae Pool MA4329 |
2.0000 | 05/01/36 | 21,138 | ||||||||||
68,637 | Fannie Mae Pool MA4333 |
2.0000 | 05/01/41 | 64,450 | ||||||||||
24,334 | Fannie Mae Pool MA4475 |
2.5000 | 10/01/41 | 23,554 |
The accompanying notes are an integral part of these financial statements.
51
TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($) |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||||
U.S. GOVERNMENT & AGENCIES 27.2% (Continued) | ||||||||||||||||
AGENCY FIXED RATE 8.8% (Continued) | ||||||||||||||||
70,000 | Fannie Mae Pool MA4617 |
3.0000 | 04/01/42 | $ | 69,558 | |||||||||||
58,295 | Fannie Mae Pool FM4053 |
2.5000 | 08/01/50 | 55,767 | ||||||||||||
61,030 | Fannie Mae Pool CA8897 |
3.0000 | 02/01/51 | 60,010 | ||||||||||||
9,480 | Fannie Mae Pool MA4258 |
3.5000 | 02/01/51 | 9,523 | ||||||||||||
23,221 | Fannie Mae Pool FM6550 |
2.0000 | 03/01/51 | 21,635 | ||||||||||||
47,880 | Fannie Mae Pool CB0855 |
3.0000 | 06/01/51 | 47,030 | ||||||||||||
3,665 | Ginnie Mae I Pool 723248 |
5.0000 | 10/15/39 | 4,026 | ||||||||||||
54,969 | Ginnie Mae II Pool MA3376 |
3.5000 | 01/20/46 | 56,196 | ||||||||||||
41,188 | Ginnie Mae II Pool MA3596 |
3.0000 | 04/20/46 | 41,071 | ||||||||||||
35,662 | Ginnie Mae II Pool MA3663 |
3.5000 | 05/20/46 | 36,362 | ||||||||||||
46,386 | Ginnie Mae II Pool MA3736 |
3.5000 | 06/20/46 | 47,255 | ||||||||||||
15,632 | Ginnie Mae II Pool MA4509 |
3.0000 | 06/20/47 | 15,587 | ||||||||||||
44,456 | Ginnie Mae II Pool MA4652 |
3.5000 | 08/20/47 | 45,131 | ||||||||||||
42,308 | Ginnie Mae II Pool MA4719 |
3.5000 | 09/20/47 | 43,100 | ||||||||||||
32,632 | Ginnie Mae II Pool MA6092 |
4.5000 | 08/20/49 | 33,922 | ||||||||||||
25,714 | Ginnie Mae II Pool MA6156 |
4.5000 | 09/20/49 | 26,672 | ||||||||||||
51,563 | Ginnie Mae II Pool BN2662 |
3.0000 | 10/20/49 | 51,163 | ||||||||||||
27,351 | Ginnie Mae II Pool MA6221 |
4.5000 | 10/20/49 | 28,376 | ||||||||||||
25,494 | Ginnie Mae II Pool MA6478 |
5.0000 | 02/20/50 | 27,068 | ||||||||||||
29,469 | Ginnie Mae II Pool MA6544 |
4.5000 | 03/20/50 | 30,543 | ||||||||||||
19,612 | Ginnie Mae II Pool MA6545 |
5.0000 | 03/20/50 | 20,736 | ||||||||||||
28,394 | Ginnie Mae II Pool MA6600 |
3.5000 | 04/20/50 | 28,664 | ||||||||||||
26,206 | Ginnie Mae II Pool MA6601 |
4.0000 | 04/20/50 | 26,913 | ||||||||||||
34,369 | Ginnie Mae II Pool MA6603 |
5.0000 | 04/20/50 | 36,290 | ||||||||||||
57,506 | Ginnie Mae II Pool MA7255 |
2.5000 | 03/20/51 | 55,911 | ||||||||||||
45,663 | Ginnie Mae II Pool MA7418 |
2.5000 | 06/20/51 | 44,396 | ||||||||||||
71,410 | Ginnie Mae II Pool MA7419 |
3.0000 | 06/20/51 | 70,883 | ||||||||||||
61,403 | Ginnie Mae II Pool MA7472 |
2.5000 | 07/20/51 | 59,700 | ||||||||||||
73,380 | Ginnie Mae II Pool CE1974 |
3.0000 | 08/20/51 | 73,526 | ||||||||||||
84,127 | Ginnie Mae II Pool CE1990 |
2.5000 | 09/20/51 | 81,453 | ||||||||||||
78,587 | Ginnie Mae II Pool MA7705 |
2.5000 | 11/20/51 | 76,407 | ||||||||||||
83,659 | Ginnie Mae II Pool MA7768 |
3.0000 | 12/20/51 | 82,901 | ||||||||||||
64,643 | Ginnie Mae II Pool MA7829 |
3.5000 | 01/20/52 | 65,183 |
The accompanying notes are an integral part of these financial statements.
52
TIMOTHY PLAN GROWTH & INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022
Principal Amount ($) |
Coupon Rate (%) |
Maturity | Fair Value | |||||||||||
U.S. GOVERNMENT & AGENCIES 27.2% (Continued) | ||||||||||||||
AGENCY FIXED RATE 8.8% (Continued) | ||||||||||||||
85,000 | Ginnie Mae II Pool MA7939 | 4.0000 | 03/20/52 | $ | 86,931 | |||||||||
|
|
| ||||||||||||
1,774,287 | ||||||||||||||
|
|
| ||||||||||||
U.S. TREASURY NOTES 12.9% | ||||||||||||||
630,000 | United States Treasury Note | 0.6250 | 07/31/26 | 582,110 | ||||||||||
620,000 | United States Treasury Note | 1.2500 | 09/30/28 | 575,995 | ||||||||||
985,000 | United States Treasury Note | 1.2500 | 08/15/31 | 895,888 | ||||||||||
335,000 | United States Treasury Note | 1.7500 | 08/15/41 | 290,665 | ||||||||||
290,000 | United States Treasury Note | 2.0000 | 08/15/51 | 261,498 | ||||||||||
|
|
| ||||||||||||
2,606,156 | ||||||||||||||
|
|
| ||||||||||||
U.S. TREASURY NOTES 5.5% | ||||||||||||||
554,870 | United States Treasury Note | 2.2500 | 11/15/24 | 551,857 | ||||||||||
580,000 | United States Treasury Note | 2.0000 | 08/15/25 | 570,394 | ||||||||||
|
|
| ||||||||||||
1,122,251 | ||||||||||||||
|
|
| ||||||||||||
TOTAL U.S. GOVERNMENT & AGENCIES (Cost $5,802,690) | 5,502,694 | |||||||||||||
|
|
| ||||||||||||
|
|
|
Shares |
||||||||
SHORT-TERM INVESTMENT 0.4% | ||||||||
MONEY MARKET FUND - 0.4% | ||||||||
82,999 | Fidelity Government Portfolio, Class I, 0.12% (Cost $82,999)(b) |
82,999 | ||||||
|
|
| ||||||
TOTAL INVESTMENTS - 97.9% (Cost $18,350,250) | $ | 19,833,820 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.1% | 420,308 | |||||||
|
|
| ||||||
NET ASSETS - 100.0% | $ | 20,254,128 | ||||||
|
|
| ||||||
|
|
|
ETF |
- Exchange-Traded Fund | |
LP |
- Limited Partnership | |
LTD |
- Limited Company | |
REIT |
- Real Estate Investment Trust |
(a) |
Affiliated Company The Fund holds in excess of 5% of outstanding voting securities of the Timothy Plan High Dividend Stock Enhanced ETF. |
(b) |
Rate disclosed is the seven day effective yield as of March 31, 2022. |
The accompanying notes are an integral part of these financial statements.
53
Timothy Plan Funds
Statements of Assets and Liabilities (Unaudited)
March 31, 2022
Aggressive
Growth
Fund |
International
Fund |
Large/Mid Cap
Growth
Fund |
Small Cap Value
Fund |
Large/Mid Cap
Value
Fund |
Fixed Income
Fund | |||||||||||||||||||
ASSETS: |
||||||||||||||||||||||||
Investments, at cost |
$ | 35,976,513 | $ | 109,315,664 | $ | 79,993,877 | $ | 136,511,006 | $ | 160,448,074 | $ | 136,524,935 | ||||||||||||
Investments in affiliates, at cost |
- | - | 23,553,050 | 14,834,080 | 54,728,199 | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investments, at value |
$ | 46,279,841 | $ | 136,994,253 | $ | 119,035,556 | $ | 144,838,887 | $ | 218,744,733 | $ | 130,392,479 | ||||||||||||
Investments in affiliates, at value |
- | - | 26,200,101 | 19,124,166 | 63,697,915 | - | ||||||||||||||||||
Cash |
- | - | 97 | - | 263 | - | ||||||||||||||||||
Dividends and interest receivable |
21,854 | 307,723 | 57,433 | 116,519 | 33,358 | 582,394 | ||||||||||||||||||
Receivable for fund shares sold |
14,424 | 294,411 | 394,761 | 108,653 | 169,900 | 625,687 | ||||||||||||||||||
Receivable for securities sold |
- | - | - | 986,166 | - | - | ||||||||||||||||||
Due from Advisor |
- | - | - | - | - | - | ||||||||||||||||||
Deposit with broker |
- | - | - | - | - | - | ||||||||||||||||||
Receivable for foreign tax reclaims |
- | 259,825 | - | - | - | - | ||||||||||||||||||
Prepaid expenses and other assets |
21,208 | 41,160 | 23,929 | 28,147 | 53,159 | 47,580 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets |
46,337,327 | 137,897,372 | 145,711,877 | 165,202,538 | 282,699,328 | 131,648,140 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
LIABILITIES: |
||||||||||||||||||||||||
Payable for securities purchased |
- | - | - | 1,244,555 | - | - | ||||||||||||||||||
Payable for fund shares redeemed |
69,288 | 119,040 | 44,532 | 218,328 | 261,331 | 99,519 | ||||||||||||||||||
Payable to service providers |
91,697 | 108,225 | 18,152 | 151,269 | 157,252 | 1,133 | ||||||||||||||||||
Accrued advisory fees |
28,854 | 107,191 | 77,087 | 100,795 | 142,512 | 44,235 | ||||||||||||||||||
Accrued 12b-1 fees |
9,676 | 13,136 | 29,581 | 27,741 | 48,797 | 27,414 | ||||||||||||||||||
Accrued expenses and other liabilities |
26,515 | 141,171 | 103,078 | 153,333 | 110,104 | 12,302 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Liabilities |
226,030 | 488,763 | 272,430 | 1,896,021 | 719,996 | 184,603 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets |
$ | 46,111,297 | $ | 137,408,609 | $ | 145,439,447 | $ | 163,306,517 | $ | 281,979,332 | $ | 131,463,537 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 35,301,002 | $ | 112,523,397 | $ | 96,997,030 | $ | 141,496,172 | $ | 198,892,806 | $ | 138,595,749 | ||||||||||||
Accumulated earnings (deficit) |
10,810,295 | 24,885,212 | 48,442,417 | 21,810,345 | 83,086,526 | (7,132,212 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets |
$ | 46,111,297 | $ | 137,408,609 | $ | 145,439,447 | $ | 163,306,517 | $ | 281,979,332 | $ | 131,463,537 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A |
||||||||||||||||||||||||
Net Assets |
$ | 36,006,736 | $ | 55,965,937 | $ | 101,120,128 | $ | 101,838,918 | $ | 174,819,620 | $ | 89,304,301 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
3,341,439 | 4,781,330 | 8,366,355 | 5,323,198 | 7,700,917 | 9,121,321 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 10.78 | $ | 11.71 | $ | 12.09 | $ | 19.13 | $ | 22.70 | $ | 9.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 11.41 | $ | 12.39 | $ | 12.79 | $ | 20.24 | $ | 24.02 | $ | 10.25 | * | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class C |
||||||||||||||||||||||||
Net Assets |
$ | 2,876,231 | $ | 2,028,605 | $ | 11,022,188 | $ | 7,306,594 | $ | 16,910,604 | $ | 10,436,006 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
351,910 | 180,035 | 1,200,312 | 604,305 | 1,018,401 | 1,110,398 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 8.17 | $ | 11.27 | $ | 9.18 | $ | 12.09 | $ | 16.61 | $ | 9.40 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 8.09 | $ | 11.16 | $ | 9.09 | $ | 11.97 | $ | 16.44 | $ | 9.31 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class I |
||||||||||||||||||||||||
Net Assets |
$ | 7,228,330 | $ | 79,414,067 | $ | 33,297,131 | $ | 54,161,005 | $ | 90,249,108 | $ | 31,723,230 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
652,261 | 6,765,680 | 2,679,709 | 2,783,535 | 3,925,994 | 3,270,452 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 11.08 | $ | 11.74 | $ | 12.43 | $ | 19.46 | $ | 22.99 | $ | 9.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
54
Timothy Plan Funds
Statements of Assets and Liabilities (Unaudited)(Continued)
March 31, 2022
High Yield
Bond
Fund |
Israel Common
Values
Fund |
Defensive
Strategies
Fund |
Strategic Growth
Fund |
Conservative
Growth
Fund |
Growth & Income
Fund | |||||||||||||||||||
ASSETS: |
||||||||||||||||||||||||
Investments, at cost |
$ | 143,446,090 | $ | 71,301,719 | $ | 56,365,939 | $ | 1,223,258 | $ | 1,980,436 | $ | 7,951,549 | ||||||||||||
Investments in affiliates, at cost |
- | - | - | 35,314,613 | 45,973,495 | 10,398,701 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investments, at value |
$ | 137,691,713 | $ | 137,578,130 | $ | 63,785,911 | $ | 1,223,258 | $ | 1,980,436 | $ | 7,966,092 | ||||||||||||
Investments in affiliates, at value |
- | - | - | 37,608,584 | 47,514,204 | 11,867,728 | ||||||||||||||||||
Gold Investments, at fair value (Cost $7,240,876) |
- | - | 11,900,314 | - | - | - | ||||||||||||||||||
Cash |
- | 173 | 55 | - | - | - | ||||||||||||||||||
Foreign Cash |
||||||||||||||||||||||||
Canadian Dollar (CAD)(Cost $3,768) |
- | - | 3,763 | - | - | - | ||||||||||||||||||
Euro (EUR)(Cost $78) |
- | - | 79 | - | - | - | ||||||||||||||||||
Great British Pound (GBP)(Cost $122) |
- | - | 119 | - | - | - | ||||||||||||||||||
Japanese Yen (JPY)(Cost $10,185) |
- | - | 10,280 | - | - | - | ||||||||||||||||||
Israel Shekel (ILS)(Cost $37,850) |
- | 37,211 | - | - | - | - | ||||||||||||||||||
Dividends and interest receivable |
2,247,671 | 203,306 | 136,834 | 35 | 54 | 32,759 | ||||||||||||||||||
Receivable for fund shares sold |
240,365 | 219,485 | 507,302 | 1,690 | 28,156 | 403,667 | ||||||||||||||||||
Receivable for securities sold |
- | 420,772 | 750,311 | - | - | - | ||||||||||||||||||
Receivable for foreign tax reclaims |
- | - | 3,050 | - | - | - | ||||||||||||||||||
Prepaid expenses and other assets |
133,556 | 120,336 | 27,876 | 12,577 | 21,639 | 16,508 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets |
140,313,305 | 138,579,413 | 77,125,894 | 38,846,144 | 49,544,489 | 20,286,754 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
LIABILITIES: |
||||||||||||||||||||||||
Payable for securities purchased |
235,625 | 1,260,356 | 368,198 | - | - | - | ||||||||||||||||||
Payable for fund shares redeemed |
324,253 | 150,402 | 202,225 | 98 | 5,318 | 3,959 | ||||||||||||||||||
Payable to service providers |
1,978 | 2,829 | 4,056 | 686 | 1,023 | 13,904 | ||||||||||||||||||
Accrued advisory fees |
60,039 | 112,578 | 34,606 | 15,425 | 23,330 | 4,209 | ||||||||||||||||||
Accrued 12b-1 fees |
19,671 | 25,344 | 11,107 | 1,454 | 2,904 | 5,052 | ||||||||||||||||||
Accrued expenses and other liabilities |
33,559 | 3,950 | 97,153 | 1,221 | 6,240 | 5,502 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Liabilities |
675,125 | 1,555,459 | 717,345 | 18,884 | 38,815 | 32,626 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets |
$ | 139,638,180 | $ | 137,023,954 | $ | 76,408,549 | $ | 38,827,260 | $ | 49,505,674 | $ | 20,254,128 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: |
||||||||||||||||||||||||
Paid in capital ($0 par value, unlimited shares authorized) |
$ | 145,017,509 | $ | 75,403,595 | $ | 62,338,488 | $ | 34,123,695 | $ | 45,715,219 | $ | 17,682,432 | ||||||||||||
Accumulated earnings (deficit) |
(5,379,329 | ) | 61,620,359 | 14,070,061 | 4,703,565 | 3,790,455 | 2,571,696 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Assets |
$ | 139,638,180 | $ | 137,023,954 | $ | 76,408,549 | $ | 38,827,260 | $ | 49,505,674 | $ | 20,254,128 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class A |
||||||||||||||||||||||||
Net Assets |
$ | 79,129,986 | $ | 66,975,041 | $ | 49,039,211 | $ | 35,688,611 | $ | 44,420,243 | $ | 15,523,676 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
8,531,355 | 2,454,873 | 3,304,623 | 3,447,715 | 4,045,438 | 1,256,474 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.28 | $ | 27.28 | $ | 14.84 | $ | 10.35 | $ | 10.98 | $ | 12.35 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Offering Price Per Share (NAV / 0.945) *(NAV / 0.955) |
$ | 9.72 | * | $ | 28.87 | $ | 15.70 | $ | 10.95 | $ | 11.62 | $ | 13.07 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class C |
||||||||||||||||||||||||
Net Assets |
$ | 3,156,191 | $ | 13,909,815 | $ | 4,878,214 | $ | 3,138,649 | $ | 5,085,431 | $ | 2,324,068 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
334,556 | 542,608 | 348,531 | 351,441 | 528,809 | 195,704 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.43 | $ | 25.64 | $ | 14.00 | $ | 8.93 | $ | 9.62 | $ | 11.88 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Minimum Redemption Price Per Share (NAV * 0.99) |
$ | 9.34 | $ | 25.38 | $ | 13.86 | $ | 8.84 | $ | 9.52 | $ | 11.76 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Class I |
||||||||||||||||||||||||
Net Assets |
$ | 57,352,003 | $ | 56,139,098 | $ | 22,491,124 | $ | - | $ | - | $ | 2,406,384 | ||||||||||||
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) |
6,181,101 | 2,034,602 | 1,514,035 | - | - | 193,359 | ||||||||||||||||||
Net Asset Value, offering price and redemption price per share |
$ | 9.28 | $ | 27.59 | $ | 14.86 | $ | - | $ | - | $ | 12.45 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
55
Timothy Plan Funds
Statements of Operations
For the Six Months Ended March 31, 2022 (Unaudited)
Aggressive
Growth
Fund |
International
Fund |
Large/Mid Cap
Growth
Fund |
Small Cap Value
Fund |
Large/Mid Cap
Value
Fund |
Fixed Income
Fund | |||||||||||||||||||
Investment Income: |
||||||||||||||||||||||||
Interest income |
$ | 319 | $ | 494 | $ | 516 | $ | 112 | $ | 595 | $ | 982,916 | ||||||||||||
Dividend Income |
125,369 | 1,199,276 | 471,528 | 1,553,155 | 1,520,192 | - | ||||||||||||||||||
Dividend income from affiliated investments |
- | - | 104,603 | 101,735 | 439,936 | - | ||||||||||||||||||
Foreign tax withheld |
- | (144,254 | ) | (3,260 | ) | - | (2,041 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Investment Income |
125,688 | 1,055,516 | 573,387 | 1,655,002 | 1,958,682 | 982,916 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses: |
||||||||||||||||||||||||
Investment advisory fees |
217,980 | 686,586 | 604,850 | 732,923 | 1,161,799 | 377,054 | ||||||||||||||||||
12b-1 Fees: |
||||||||||||||||||||||||
Class A |
46,356 | 73,991 | 127,051 | 134,375 | 214,499 | 116,674 | ||||||||||||||||||
Class C |
14,542 | 11,078 | 57,670 | 37,845 | 82,238 | 55,052 | ||||||||||||||||||
Administration fees |
127,400 | 218,400 | 117,208 | 273,000 | 338,702 | 22,682 | ||||||||||||||||||
Registration fees |
23,660 | 23,660 | 33,124 | 63,700 | 29,848 | 41,860 | ||||||||||||||||||
Printing expenses |
16,380 | 32,760 | 118,300 | 182,000 | 154,700 | 10,920 | ||||||||||||||||||
Non 12b-1 shareholder service fees |
14,560 | 182,000 | 26,936 | 18,928 | 58,604 | 40,820 | ||||||||||||||||||
Audit fees |
6,916 | 6,916 | 6,188 | 6,370 | 6,552 | 4,616 | ||||||||||||||||||
Custody fees |
9,414 | 8,372 | 11,830 | 8,918 | 10,374 | 8,256 | ||||||||||||||||||
Compliance officer fees |
2,912 | 5,642 | 7,098 | 5,096 | 9,646 | 5,344 | ||||||||||||||||||
Trustees fees |
910 | 364 | 364 | 182 | 364 | 2,912 | ||||||||||||||||||
Insurance expenses |
1,274 | 3,822 | 5,096 | 5,824 | 10,920 | 4,914 | ||||||||||||||||||
Miscellaneous expenses |
4,368 | 182 | 4,368 | 182 | 182 | 181 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses |
486,672 | 1,253,773 | 1,120,083 | 1,469,343 | 2,078,428 | 691,285 | ||||||||||||||||||
Less: Expenses waived by Advisor for Affiliated Holdings |
- | - | (104,639 | ) | (76,906 | ) | (248,591 | ) | - | |||||||||||||||
Less: Expenses waived by Advisor |
(25,645 | ) | (34,329 | ) | (35,579 | ) | (43,113 | ) | (68,341 | ) | (125,685 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Operating Expenses |
461,027 | 1,219,444 | 979,865 | 1,349,324 | 1,761,496 | 565,600 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Investment Income (Loss) |
(335,339 | ) | (163,928 | ) | (406,478 | ) | 305,678 | 197,186 | 417,316 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
1,954,126 | (1,864,945 | ) | 3,000,916 | 11,331,569 | 8,694,767 | 467,442 | |||||||||||||||||
foreign currency transactions |
- | 201 | 77 | - | - | - | ||||||||||||||||||
and affiliated investments |
- | - | 4,843,924 | - | 7,970,147 | - | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(4,913,939 | ) | (10,051,713 | ) | (1,696,443 | ) | (14,213,703 | ) | 7,336,462 | (8,219,635 | ) | |||||||||||||
affiliated investments |
- | - | (3,747,198 | ) | (49,822 | ) | (3,185,628 | ) | - | |||||||||||||||
and foreign currency translations |
- | 30 | 12 | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(2,959,813 | ) | (11,916,427 | ) | 2,401,288 | (2,931,956 | ) | 20,815,748 | (7,752,193 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | (3,295,152 | ) | $ | (12,080,355 | ) | $ | 1,994,810 | $ | (2,626,278 | ) | $ | 21,012,934 | $ | (7,334,877 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
The accompanying notes are an integral part of these financial statements.
56
Timothy Plan Funds
Statements of Operations (Continued)
For the Six Months Ended March 31, 2022 (Unaudited)
High Yield
Bond
Fund |
Israel Common
Values
Fund |
Defensive
Strategies
Fund |
Strategic
Fund |
Conservative
Growth
Fund |
Growth &
Fund | |||||||||||||||||||
Investment Income: |
||||||||||||||||||||||||
Interest income |
$ | 3,846,064 | $ | 469 | $ | 410,824 | $ | 86 | $ | 139 | $ | 56,066 | ||||||||||||
Dividend Income |
11,767 | 1,368,218 | 446,951 | - | - | - | ||||||||||||||||||
Dividend income from affiliated investments |
- | - | - | 296,048 | 342,922 | 134,945 | ||||||||||||||||||
Foreign tax withheld |
- | (338,332 | ) | (13,184 | ) | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Investment Income |
3,857,831 | 1,030,355 | 844,591 | 296,134 | 343,061 | 191,011 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses: |
||||||||||||||||||||||||
Investment advisory fees |
438,571 | 649,177 | 197,639 | 129,185 | 166,974 | 82,757 | ||||||||||||||||||
12b-1 fees: |
||||||||||||||||||||||||
Class A |
99,062 | 80,622 | 56,137 | - | - | 18,553 | ||||||||||||||||||
Class C |
15,425 | 67,507 | 18,330 | 11,536 | 20,302 | 10,565 | ||||||||||||||||||
Administration fees |
33,800 | 40,950 | 58,392 | 29,390 | 13,650 | 37,310 | ||||||||||||||||||
Non 12b-1 shareholder service fees |
63,336 | 181 | 77,350 | 6,552 | 14,196 | 5,460 | ||||||||||||||||||
Printing expenses |
42,588 | 7,280 | 36,248 | 182 | 2,366 | 182 | ||||||||||||||||||
Registration fees |
27,664 | 45,500 | 17,836 | 12,310 | 22,204 | 13,104 | ||||||||||||||||||
Custody fees |
12,740 | 40,768 | 25,125 | 910 | 3,094 | 2,011 | ||||||||||||||||||
Audit fees |
6,734 | 6,916 | 6,552 | 6,370 | 5,642 | 7,098 | ||||||||||||||||||
Compliance officer fees |
8,008 | 3,822 | 2,184 | 1,934 | 2,366 | 910 | ||||||||||||||||||
Trustees fees |
3,094 | 182 | 182 | 182 | 1,274 | 182 | ||||||||||||||||||
Miscellaneous expenses |
2,002 | 1,274 | 182 | 228 | 910 | 1,638 | ||||||||||||||||||
Insurance expenses |
4,004 | 2,912 | 1,456 | 1,456 | 2,184 | 182 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses |
757,028 | 947,091 | 497,613 | 200,235 | 255,162 | 179,952 | ||||||||||||||||||
Less: Expenses waived by Advisor for Affiliated Holdings |
- | - | - | - | - | (43,800 | ) | |||||||||||||||||
Less: Expenses waived by Advisor |
(54,638 | ) | - | (16,470 | ) | - | - | (14,604 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Operating Expenses |
702,390 | 947,091 | 481,143 | 200,235 | 255,162 | 121,548 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Investment Income |
3,155,441 | 83,264 | 363,448 | 95,899 | 87,899 | 69,463 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||||||||||||||
Net realized gain (loss) on investments |
596,390 | (1,263,942 | ) | 2,159,646 | - | - | (7,176 | ) | ||||||||||||||||
foreign currency transactions |
- | (3,479 | ) | 2,766 | - | - | - | |||||||||||||||||
and affiliated investments |
- | - | - | 2,360,255 | 2,255,729 | 1,130,502 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(10,086,905 | ) | 13,236,707 | 2,994,730 | - | - | (440,910 | ) | ||||||||||||||||
affiliated investments |
- | - | - | (2,691,786 | ) | (3,380,628 | ) | 329,395 | ||||||||||||||||
alternative investments |
- | - | 1,103,610 | - | - | - | ||||||||||||||||||
and foreign currency translations |
- | (117 | ) | 85 | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Realized and Unrealized Gain (Loss) on Investments |
(9,490,515 | ) | 11,969,169 | 6,260,837 | (331,531 | ) | (1,124,899 | ) | 1,011,811 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting From Operations |
$ | (6,335,074 | ) | $ | 12,052,433 | $ | 6,624,285 | $ | (235,632 | ) | $ | (1,037,000 | ) | $ | 1,081,274 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
57
Timothy Plan Funds
Statements of Changes in Net Assets
Aggressive Growth Fund | International Fund | Large/Mid Cap Growth Fund | ||||||||||||||||||||||
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
|||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) |
$ | (335,339) | $ | (549,424) | $ | (163,928) | $ | 376,485 | $ | (406,478) | $ | (732,152) | ||||||||||||
Net realized gain (loss) from investments and foreign currency transactions |
1,954,126 | 4,965,183 | (1,864,744) | 3,800,568 | 7,844,917 | 9,497,692 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
(4,913,939) | 7,354,050 | (10,051,683) | 21,845,405 | (5,443,629) | 22,105,166 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(3,295,152) | 11,770,571 | (12,080,355) | 26,022,458 | 1,994,810 | 30,870,706 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Total distributions paid |
||||||||||||||||||||||||
Class A |
(3,166,814) | (1,759,027) | (270,830) | - | (6,125,931) | (1,333,781) | ||||||||||||||||||
Class C |
(319,674) | (179,742) | - | - | (919,025) | (201,076) | ||||||||||||||||||
Class I |
(1,078,951) | (311,960) | (517,840) | - | (1,710,601) | (437,156) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total dividends and distributions to shareholders |
(4,565,439) | (2,250,729) | (788,670) | - | (8,755,557) | (1,972,013) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
4,360,374 | 10,261,986 | 6,284,622 | 15,219,293 | 12,185,801 | 19,629,181 | ||||||||||||||||||
Class C |
351,035 | 822,801 | 214,815 | 399,937 | 1,234,737 | 2,201,953 | ||||||||||||||||||
Class I |
3,237,414 | 11,257,925 | 20,276,153 | 43,620,770 | 17,928,365 | 15,853,873 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
3,076,343 | 1,710,650 | 237,790 | - | 5,942,044 | 1,294,897 | ||||||||||||||||||
Class C |
314,956 | 177,642 | - | - | 893,579 | 196,543 | ||||||||||||||||||
Class I |
1,017,533 | 292,104 | 347,901 | - | 1,548,553 | 406,909 | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(3,929,961) | (11,786,611) | (6,372,503) | (16,161,405) | (8,938,095) | (16,164,437) | ||||||||||||||||||
Class C |
(156,488) | (891,732) | (327,122) | (746,545) | (1,148,161) | (2,014,066) | ||||||||||||||||||
Class I |
(7,196,963) | (4,771,795) | (6,897,559) | (19,797,614) | (11,888,849) | (14,322,410) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in net assets from share transactions of beneficial interest |
1,074,243 | 7,072,970 | 13,764,097 | 22,534,436 | 17,757,974 | 7,082,443 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(6,786,348) | 16,592,812 | 895,072 | 48,556,894 | 10,997,227 | 35,981,136 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
52,897,645 | 36,304,833 | 136,513,537 | 87,956,643 | 134,442,220 | 98,461,084 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 46,111,297 | $ | 52,897,645 | $ | 137,408,609 | $ | 136,513,537 | $ | 145,439,447 | $ | 134,442,220 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
384,353 | 878,326 | 506,842 | 1,230,383 | 969,189 | 1,701,127 | ||||||||||||||||||
Class C |
40,630 | 88,276 | 17,638 | 33,623 | 124,540 | 247,285 | ||||||||||||||||||
Class I |
267,263 | 932,116 | 1,628,532 | 3,540,045 | 1,411,358 | 1,385,905 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
261,372 | 159,724 | 18,947 | - | 458,845 | 122,045 | ||||||||||||||||||
Class C |
35,191 | 21,098 | - | - | 90,627 | 23,708 | ||||||||||||||||||
Class I |
84,094 | 26,676 | 27,677 | - | 116,433 | 37,469 | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(330,633) | (1,066,906) | (511,540) | (1,361,302) | (704,111) | (1,433,860) | ||||||||||||||||||
Class C |
(17,771) | (96,564) | (26,790) | (65,127) | (122,264) | (229,790) | ||||||||||||||||||
Class I |
(641,592) | (387,181) | (548,749) | (1,627,542) | (953,346) | (1,257,328) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in shares of beneficial interest outstanding |
82,907 | 555,565 | 1,112,557 | 1,750,080 | 1,391,271 | 596,561 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
58
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
Small Cap Value Fund | Large/Mid Cap Value Fund | Fixed Income Fund | ||||||||||||||||||||||
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
|||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) |
$ | 305,678 | $ | 650,037 | $ | 197,186 | $ | (42,843) | $ | 417,316 | $ | 340,238 | ||||||||||||
Net realized gain from investments and foreign currency transactions |
11,331,569 | 20,016,550 | 16,664,914 | 17,909,400 | 467,442 | 724,416 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
(14,263,525) | 36,449,930 | 4,150,834 | 36,411,327 | (8,219,635) | (3,838,709) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(2,626,278) | 57,185,386 | 21,012,934 | 54,291,516 | (7,334,877) | (2,774,055) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Total distributions paid |
||||||||||||||||||||||||
Class A |
(9,637,805) | (145,591) | (7,549,688) | (4,723,162) | (441,553) | (1,095,468) | ||||||||||||||||||
Class C |
(983,809) | - | (979,388) | (629,087) | (33,905) | (31,078) | ||||||||||||||||||
Class I |
(5,204,941) | (235,809) | (3,830,408) | (1,718,701) | (187,252) | (272,172) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total dividends and distributions to shareholders |
(15,826,555) | (381,400) | (12,359,484) | (7,070,950) | (662,710) | (1,398,718) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
5,394,715 | 14,073,350 | 13,134,735 | 22,929,759 | 11,103,865 | 26,437,486 | ||||||||||||||||||
Class C |
843,647 | 1,321,147 | 1,880,703 | 2,286,681 | 895,292 | 4,820,492 | ||||||||||||||||||
Class I |
9,117,867 | 24,763,371 | 25,195,420 | 37,132,392 | 21,451,323 | 15,917,543 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
9,252,977 | 139,050 | 7,176,779 | 4,496,466 | 399,578 | 1,002,964 | ||||||||||||||||||
Class C |
965,184 | - | 944,691 | 603,732 | 25,859 | 23,671 | ||||||||||||||||||
Class I |
4,805,204 | 189,231 | 3,624,620 | 1,579,911 | 167,385 | 231,009 | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(7,351,020) | (19,125,740) | (12,041,935) | (29,756,516) | (12,912,476) | (19,027,079) | ||||||||||||||||||
Class C |
(651,651) | (2,250,567) | (1,320,385) | (4,891,508) | (1,140,211) | (2,466,111) | ||||||||||||||||||
Class I |
(10,010,162) | (21,788,455) | (18,766,783) | (19,841,245) | (6,873,183) | (10,362,221) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
12,366,761 | (2,678,613) | 19,827,845 | 14,539,672 | 13,117,432 | 16,577,754 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase in Net Assets |
(6,086,072) | 54,125,373 | 28,481,295 | 61,760,238 | 5,119,845 | 12,404,981 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
169,392,589 | 115,267,216 | 253,498,037 | 191,737,799 | 126,343,692 | 113,938,711 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 163,306,517 | $ | 169,392,589 | $ | 281,979,332 | $ | 253,498,037 | $ | 131,463,537 | $ | 126,343,692 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
257,920 | 705,641 | 579,445 | 1,118,061 | 1,085,793 | 2,484,863 | ||||||||||||||||||
Class C |
61,961 | 99,030 | 112,427 | 146,472 | 90,846 | 473,801 | ||||||||||||||||||
Class I |
433,018 | 1,236,880 | 1,096,894 | 1,743,744 | 2,148,368 | 1,511,851 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
461,956 | 8,089 | 313,123 | 237,030 | 40,851 | 95,205 | ||||||||||||||||||
Class C |
76,059 | - | 56,232 | 42,427 | 2,757 | 2,355 | ||||||||||||||||||
Class I |
236,012 | 10,183 | 156,234 | 82,459 | 17,210 | 22,100 | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(351,890) | (992,273) | (531,222) | (1,492,161) | (1,259,632) | (1,786,331) | ||||||||||||||||||
Class C |
(48,599) | (183,375) | (79,715) | (326,823) | (115,722) | (241,630) | ||||||||||||||||||
Class I |
(478,773) | (1,114,591) | (840,457) | (998,773) | (673,218) | (987,793) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
647,664 | (230,416) | 862,961 | 552,436 | 1,337,253 | 1,574,421 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
59
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
High Yield Bond Fund | Israel Common Values Fund | Defensive Strategies Fund | ||||||||||||||||||||||
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
|||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income (loss) |
$ | 3,155,441 | $ | 4,451,608 | $ | 83,264 | $ | (446,419) | $ | 363,448 | $ | 395,652 | ||||||||||||
Net realized gain (loss) from investments and foreign currency transactions |
596,390 | 1,339,672 | (1,267,421) | 779,525 | 2,162,412 | 1,565,378 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
(10,086,905) | 4,545,311 | 13,236,590 | 34,790,289 | 4,098,425 | 3,625,027 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(6,335,074) | 10,336,591 | 12,052,433 | 35,123,395 | 6,624,285 | 5,624,495 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Total distributions paid |
||||||||||||||||||||||||
Class A |
(2,004,190) | (2,251,965) | - | - | (228,420) | - | ||||||||||||||||||
Class C |
(61,705) | (89,077) | - | - | - | - | ||||||||||||||||||
Class I |
(1,473,181) | (2,180,847) | - | - | (110,752) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total dividends and distributions to shareholders |
(3,539,076) | (4,521,889) | - | - | (339,172) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
33,645,084 | 26,411,790 | 7,221,931 | 12,218,199 | 9,744,996 | 13,192,053 | ||||||||||||||||||
Class C |
683,078 | 1,212,283 | 1,481,113 | 1,648,189 | 1,527,901 | 1,269,492 | ||||||||||||||||||
Class I |
27,171,451 | 50,130,344 | 18,617,624 | 17,632,057 | 7,956,674 | 12,525,965 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
1,825,630 | 2,008,049 | - | - | 204,444 | - | ||||||||||||||||||
Class C |
59,600 | 86,707 | - | - | - | - | ||||||||||||||||||
Class I |
1,123,414 | 1,658,971 | - | - | 102,358 | - | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(14,865,916) | (13,406,616) | (3,981,149) | (9,390,476) | (5,457,041) | (6,804,176) | ||||||||||||||||||
Class C |
(515,910) | (761,780) | (1,098,050) | (2,519,410) | (399,290) | (663,983) | ||||||||||||||||||
Class I |
(36,117,546) | (15,941,614) | (12,293,053) | (9,491,711) | (2,036,225) | (3,917,640) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase in net assets from share transactions of beneficial interest |
13,008,885 | 51,398,134 | 9,948,416 | 10,096,848 | 11,643,817 | 15,601,711 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase in Net Assets |
3,134,735 | 57,212,836 | 22,000,849 | 45,220,243 | 17,928,930 | 21,226,206 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
136,503,445 | 79,290,609 | 115,023,105 | 69,802,862 | 58,479,619 | 37,253,413 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 139,638,180 | $ | 136,503,445 | $ | 137,023,954 | $ | 115,023,105 | $ | 76,408,549 | $ | 58,479,619 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
3,424,365 | 2,690,563 | 268,084 | 551,098 | 687,316 | 1,001,465 | ||||||||||||||||||
Class C |
69,267 | 121,685 | 58,551 | 77,687 | 112,904 | 99,773 | ||||||||||||||||||
Class I |
2,786,227 | 5,082,748 | 681,875 | 799,074 | 560,982 | 950,790 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
191,249 | 204,598 | - | - | 14,740 | - | ||||||||||||||||||
Class C |
6,147 | 8,691 | - | - | - | - | ||||||||||||||||||
Class I |
117,706 | 168,803 | - | - | 7,380 | - | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(1,563,373) | (1,379,460) | (148,105) | (439,335) | (380,641) | (528,846) | ||||||||||||||||||
Class C |
(52,235) | (77,099) | (43,691) | (126,867) | (30,349) | (54,213) | ||||||||||||||||||
Class I |
(3,698,266) | (1,616,588) | (453,539) | (427,214) | (143,164) | (304,722) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
1,281,087 | 5,203,941 | 363,175 | 434,443 | 829,168 | 1,164,247 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
60
Timothy Plan Funds
Statements of Changes in Net Assets (Continued)
Strategic Growth Fund | Conservative Growth Fund | Growth & Income Fund | ||||||||||||||||||||||
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
Six Months Ended
March 31, 2022 |
Year Ended
September 30, 2021 |
|||||||||||||||||||
Operations: |
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Net investment income |
$ | 95,899 | $ | 85,467 | $ | 87,899 | $ | 61,729 | $ | 69,463 | $ | 92,861 | ||||||||||||
Net realized gain (loss) from investments, affiliated investments and foreign currency transactions |
2,360,255 | 1,998,299 | 2,255,729 | 2,207,288 | 1,123,326 | 667,461 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, affiliated investments and foreign currency translations |
(2,691,786) | 4,426,668 | (3,380,628) | 3,541,820 | (111,515) | 2,014,597 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(235,632) | 6,510,434 | (1,037,000) | 5,810,837 | 1,081,274 | 2,774,919 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||||||
Total distributions paid |
||||||||||||||||||||||||
Class A |
(1,761,416) | (1,165,888) | (1,825,577) | (1,105,678) | (123,077) | (116,254) | ||||||||||||||||||
Class C |
(157,484) | (98,452) | (241,602) | (119,253) | (12,431) | (2,105) | ||||||||||||||||||
Class I |
- | - | - | - | (26,084) | (23,691) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total dividends and distributions to shareholders |
(1,918,900) | (1,264,340) | (2,067,179) | (1,224,931) | (161,592) | (142,050) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Transactions of Beneficial Interest: |
||||||||||||||||||||||||
Net proceeds from shares sold |
||||||||||||||||||||||||
Class A |
1,408,146 | 4,181,203 | 3,624,148 | 6,236,902 | 1,826,662 | 1,972,327 | ||||||||||||||||||
Class C |
459,008 | 625,855 | 495,730 | 1,394,069 | 422,380 | 467,983 | ||||||||||||||||||
Class I |
- | - | - | - | 929,365 | 1,060,966 | ||||||||||||||||||
Reinvestment of dividends and distributions |
||||||||||||||||||||||||
Class A |
1,721,050 | 1,140,481 | 1,763,569 | 1,064,304 | 114,965 | 107,423 | ||||||||||||||||||
Class C |
156,745 | 98,074 | 233,389 | 115,430 | 12,229 | 2,043 | ||||||||||||||||||
Class I |
- | - | - | - | 23,905 | 21,449 | ||||||||||||||||||
Cost of shares redeemed |
||||||||||||||||||||||||
Class A |
(3,202,664) | (4,732,445) | (4,383,496) | (6,830,283) | (1,334,106) | (3,211,912) | ||||||||||||||||||
Class C |
(258,080) | (865,233) | (770,910) | (1,177,101) | (154,826) | (522,375) | ||||||||||||||||||
Class I |
- | - | - | - | (705,162) | (1,448,464) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets from share transactions of beneficial interest |
284,205 | 447,935 | 962,430 | 803,321 | 1,135,412 | (1,550,560) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Increase (Decrease) in Net Assets |
(1,870,327) | 5,694,029 | (2,141,749) | 5,389,227 | 2,055,094 | 1,082,309 | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||
Beginning of period |
40,697,587 | 35,003,558 | 51,647,423 | 46,258,196 | 18,199,034 | 17,116,725 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 38,827,260 | $ | 40,697,587 | $ | 49,505,674 | $ | 51,647,423 | 20,254,128 | $ | 18,199,034 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Activity: |
||||||||||||||||||||||||
Shares Sold |
||||||||||||||||||||||||
Class A |
130,181 | 388,876 | 318,941 | 542,123 | 149,194 | 169,337 | ||||||||||||||||||
Class C |
50,261 | 66,790 | 48,685 | 138,897 | 36,428 | 42,191 | ||||||||||||||||||
Class I |
- | - | - | - | 75,043 | 91,596 | ||||||||||||||||||
Shares Reinvested |
||||||||||||||||||||||||
Class A |
162,210 | 112,807 | 155,518 | 95,883 | 9,301 | 9,139 | ||||||||||||||||||
Class C |
17,093 | 11,082 | 23,433 | 11,719 | 1,028 | 181 | ||||||||||||||||||
Class I |
- | - | - | - | 1,920 | 1,813 | ||||||||||||||||||
Shares Redeemed |
||||||||||||||||||||||||
Class A |
(301,307) | (446,881) | (388,102) | (592,797) | (110,091) | (285,347) | ||||||||||||||||||
Class C |
(28,326) | (94,445) | (77,560) | (116,026) | (13,165) | (47,530) | ||||||||||||||||||
Class I |
- | - | - | - | (58,590) | (124,851) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in shares of beneficial interest outstanding |
30,112 | 38,229 | 80,915 | 79,799 | 91,068 | (143,471) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
61
Timothy Aggressive Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.53 | $ | 9.92 | $ | 7.87 | $ | 9.27 | $ | 8.10 | $ | 6.82 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment loss (A) |
(0.08) | (0.14) | (0.09) | (0.07) | (0.09) | (0.08) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.60) | 3.39 | 2.14 | (0.81) | 1.26 | 1.36 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total from investment operations |
(0.68) | 3.25 | 2.05 | (0.88) | 1.17 | 1.28 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LESS DISTRIBUTIONS:
|
||||||||||||||||||||||||
From net realized gains on investments |
(1.07) | (0.64) | - | (0.52) | - | - | ||||||||||||||||||
Return of Capital |
- | - | - | (0.00) | * | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total distributions |
(1.07) | (0.64) | - | (0.52) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net asset value, end of period |
$ | 10.78 | $ | 12.53 | $ | 9.92 | $ | 7.87 | $ | 9.27 | $ | 8.10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total return (B)(C) | (5.83)% | (D) | 33.89% | 26.05% | (8.72)% | 14.44% | 18.77% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 36,007 | $ | 37,917 | $ | 30,316 | $ | 21,802 | $ | 25,926 | $ | 22,549 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.91% | (E) | 1.60% | 1.71% | 1.64% | 1.73% | 1.69% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.81% | (E) | 1.50% | 1.61% | 1.56% | 1.63% | 1.59% | |||||||||||||||||
Net investment loss, before waiver and reimbursement |
(1.42)% | (E) | (1.30)% | (1.19)% | (0.91)% | (1.16)% | (1.12)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) |
(1.32)% | (E) | (1.20)% | (1.09)% | (0.82)% | (1.06)% | (1.02)% | |||||||||||||||||
Portfolio turnover rate |
26% | (D) | 26% | 96% | 77% | 85% | 151% |
* | Amount is less than $0.005 per share. |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
62
Timothy Aggressive Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.79 | $ | 7.93 | $ | 6.34 | $ | 7.64 | $ | 6.73 | $ | 5.71 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.09) | (0.18) | (0.12) | (0.11) | (0.13) | (0.11) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.46) | 2.68 | 1.71 | (0.67) | 1.04 | 1.13 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.55) | 2.50 | 1.59 | (0.78) | 0.91 | 1.02 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
(1.07) | (0.64) | - | (0.52) | - | - | ||||||||||||||||||||||
Return of Capital |
- | - | - | (0.00) | * | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(1.07) | (0.64) | - | (0.52) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 8.17 | $ | 9.79 | $ | 7.93 | $ | 6.34 | $ | 7.64 | $ | 6.73 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(6.16)% | (D) | 32.87% | 25.08% | (9.33)% | 13.52% | 17.86% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,876 | $ | 2,877 | $ | 2,230 | $ | 2,433 | $ | 4,358 | $ | 3,584 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.66% | (E) | 2.35% | 2.46% | 2.39% | 2.48% | 2.44% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
2.56% | (E) | 2.25% | 2.36% | 2.31% | 2.38% | 2.34% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(2.17)% | (E) | (2.05)% | (1.92)% | (1.73)% | (1.91)% | (1.88)% | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement (F) |
(2.07)% | (E) | (1.95)% | (1.82)% | (1.64)% | (1.81)% | (1.78)% | |||||||||||||||||||||
Portfolio turnover rate |
26% | (D) | 56% | 96% | 77% | 85% | 151% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
63
Timothy Aggressive Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.84 | $ | 10.13 | $ | 8.02 | $ | 9.41 | $ | 8.21 | $ | 6.89 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.07) | (0.12) | (0.08) | (0.05) | (0.07) | (0.06) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.62) | 3.47 | 2.19 | (0.82) | 1.27 | 1.38 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.69) | 3.35 | 2.11 | (0.87) | 1.20 | 1.32 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
(1.07) | (0.64) | - | (0.52) | - | - | ||||||||||||||||||||||
Return of Capital |
- | - | - | (0.00) | * | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(1.07) | (0.64) | - | (0.52) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.08 | $ | 12.84 | $ | 10.13 | $ | 8.02 | $ | 9.41 | $ | 8.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B) |
(5.77)% | (C) | 34.19% | 26.31% | (8.48)% | 14.62% | 19.16% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 7,228 | $ | 12,104 | $ | 3,759 | $ | 1,233 | $ | 1,273 | $ | 887 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.66% | (D) | 1.35% | 1.46% | 1.39% | 1.48% | 1.44% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (E) |
1.56% | (D) | 1.25% | 1.36% | 1.31% | 1.38% | 1.34% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(1.17)% | (D) | (1.05)% | (1.02)% | (0.67)% | (0.91)% | (0.88)% | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement (E) |
(1.07)% | (D) | (0.95)% | (0.92)% | (0.57)% | (0.81)% | (0.78)% | |||||||||||||||||||||
Portfolio turnover rate |
26% | (C) | 56% | 96% | 77% | 85% | 151% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
64
Timothy International Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.84 | $ | 9.92 | $ | 9.09 | $ | 9.74 | $ | 9.86 | $ | 8.53 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.02) | 0.02 | (0.03) | 0.09 | 0.11 | 0.04 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.05) | 2.90 | 0.94 | (0.64) | (0.02) | 1.38 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(1.07) | 2.92 | 0.91 | (0.55) | 0.09 | 1.42 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.06) | - | (0.08) | (0.10) | (0.21) | (0.09) | ||||||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | - | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.06) | - | (0.08) | (0.10) | (0.21) | (0.09) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.71 | $ | 12.84 | $ | 9.92 | $ | 9.09 | $ | 9.74 | $ | 9.86 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(7.98)% | (D) | 29.44% | 10.00% | (5.55)% | 0.91% | 16.78% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 55,966 | $ | 61,220 | $ | 48,608 | $ | 58,397 | $ | 70,790 | $ | 81,153 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.95% | (E) | 1.63% | 1.76% | 1.71% | 1.71% | 1.69% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.90% | (E) | 1.58% | 1.71% | 1.67% | 1.66% | 1.64% | |||||||||||||||||||||
Net investment income (loss) before waiver and reimbursement |
(0.41)% | (E) | 0.13% | (0.38)% | 0.96% | 1.05% | 0.35% | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
(0.36)% | (E) | 0.18% | (0.33)% | 1.01% | 1.10% | 0.40% | |||||||||||||||||||||
Portfolio turnover rate |
4% | (D) | 17% | 25% | 27% | 19% | 42% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
65
Timothy International Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.35 | $ | 9.62 | $ | 8.80 | $ | 9.41 | $ | 9.55 | $ | 8.25 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.07) | (0.07) | (0.10) | 0.01 | 0.03 | (0.03) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.01) | 2.80 | 0.92 | (0.61) | (0.01) | 1.34 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(1.08) | 2.73 | 0.82 | (0.60) | 0.02 | 1.31 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | - | (0.01) | (0.16) | (0.01) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | - | - | (0.01) | (0.16) | (0.01) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 11.27 | $ | 12.35 | $ | 9.62 | $ | 8.80 | $ | 9.41 | $ | 9.55 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(8.74)% | (D) | 28.38% | 9.32% | (6.31)% | 0.12% | 15.93% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 2,029 | $ | 2,337 | $ | 2,122 | $ | 2,641 | $ | 4,779 | $ | 4,620 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.70% | (E) | 2.38% | 2.51% | 2.46% | 2.46% | 2.44% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
2.65% | (E) | 2.33% | 2.46% | 2.42% | 2.41% | 2.39% | |||||||||||||||||||||
Net investment income (loss) before waiver and reimbursement |
(1.16)% | (E) | (0.65)% | (1.17)% | 0.09% | 0.28% | (0.41)% | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
(1.11)% | (E) | (0.60)% | (1.12)% | 0.12% | 0.33% | (0.36)% | |||||||||||||||||||||
Portfolio turnover rate |
4% | (D) | 17% | 25% | 27% | 19% | 42% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
66
Timothy International Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.89 | $ | 9.94 | $ | 9.10 | $ | 9.76 | $ | 9.89 | $ | 8.55 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.01) | 0.06 | (0.01) | 0.11 | 0.17 | 0.07 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(1.05) | 2.89 | 0.96 | (0.64) | (0.06) | 1.38 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total from investment operations |
(1.06) | 2.95 | 0.95 | (0.53) | 0.11 | 1.45 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.09) | - | (0.11) | (0.13) | (0.24) | (0.11) | ||||||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | - | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total distributions |
(0.09) | - | (0.11) | (0.13) | (0.24) | (0.11) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net asset value, end of period |
$ | 11.74 | $ | 12.89 | $ | 9.94 | $ | 9.10 | $ | 9.76 | $ | 9.89 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total return (B) |
(7.65)% | (C) | 29.68% | 10.42% | (5.33)% | 1.04% | 17.18% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 79,414 | $ | 72,957 | $ | 37,226 | $ | 28,542 | $ | 31,286 | $ | 13,083 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.70% | (D) | 1.38% | 1.51% | 1.46% | 1.45% | 1.43% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (E) |
1.65% | (D) | 1.33% | 1.46% | 1.42% | 1.41% | 1.38% | |||||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.16)% | (D) | 0.45% | (0.16)% | 1.24% | 1.60% | 0.74% | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (E) |
(0.11)% | (D) | 0.50% | (0.11)% | 1.28% | 1.65% | 0.79% | |||||||||||||||||||||
Portfolio turnover rate |
4% | (C) | 17% | 25% | 27% | 19% | 42% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
67
Timothy Large/Mid Cap Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.61 | $ | 9.77 | $ | 8.70 | $ | 9.34 | $ | 8.59 | $ | 7.46 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.04) | (0.07) | (0.04) | (0.03) | (0.02) | (0.01) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.32 | 3.10 | 1.48 | (0.19) | 0.99 | 1.23 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.28 | 3.03 | 1.44 | (0.22) | 0.97 | 1.22 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.80) | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.80) | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 12.09 | $ | 12.61 | $ | 9.77 | $ | 8.70 | $ | 9.34 | $ | 8.59 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
1.81% | (D) | 31.32% | 16.93% | (1.48)% | 11.49% | 16.53% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
101,120 | $ | 96,378 | $ | 70,891 | $ | 64,150 | $ | 79,897 | $ | 68,291 | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.44% | (E) | 1.50% | 1.54% | 1.56% | 1.52% | 1.52% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.37% | (E) | 1.39% | 1.49% | 1.52% | 1.47% | 1.47% | |||||||||||||||||
Net investment loss before waiver and reimbursement |
(0.63)% | (E) | (0.71)% | (0.48)% | (0.35)% | (0.25)% | (0.19)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) |
(0.56)% | (E) | (0.60)% | (0.43)% | (0.31)% | (0.20)% | (0.14)% | |||||||||||||||||
Portfolio turnover rate |
17% | (D) | 22% | 23% | 44% | 57% | 76% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
68
Timothy Large/Mid Cap Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.79 | $ | 7.68 | $ | 6.96 | $ | 7.63 | $ | 7.11 | $ | 6.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.06) | (0.12) | (0.08) | (0.07) | (0.07) | (0.06) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.25 | 2.42 | 1.17 | (0.18) | 0.81 | 1.02 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total from investment operations |
0.19 | 2.30 | 1.09 | (0.25) | 0.74 | 0.96 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.80) | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(0.80) | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 9.18 | $ | 9.79 | $ | 7.68 | $ | 6.96 | $ | 7.63 | $ | 7.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total return (B)(C) |
1.39% | (D) | 30.32% | 16.09% | (2.24)% | 10.63% | 15.58% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
11,022 | $ | 10,845 | $ | 8,192 | $ | 7,950 | $ | 11,355 | $ | 9,909 | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.19% | (E) | 2.25% | 2.29% | 2.31% | 2.27% | 2.27% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
2.12% | (E) | 2.14% | 2.24% | 2.27% | 2.22% | 2.22% | |||||||||||||||||
Net investment loss before waiver and reimbursement |
(1.38)% | (E) | (1.46)% | (1.23)% | (1.10)% | (1.00)% | (0.94)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F) |
(1.31)% | (E) | (1.35)% | (1.18)% | (1.06)% | (0.95)% | (0.89)% | |||||||||||||||||
Portfolio turnover rate |
17% | (D) | 22% | 23% | 44% | 57% | 76% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
69
Timothy Large/Mid Cap Growth Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.93 | $ | 9.99 | $ | 8.86 | $ | 9.48 | $ | 8.70 | $ | 7.54 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.02) | (0.04) | (0.02) | (0.01) | 0.00 | * | 0.01 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.32 | 3.17 | 1.52 | (0.19) | 1.00 | 1.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total from investment operations |
0.30 | 3.13 | 1.50 | (0.20) | 1.00 | 1.25 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.80) | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(0.80) | (0.19) | (0.37) | (0.42) | (0.22) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 12.43 | $ | 12.93 | $ | 9.99 | $ | 8.86 | $ | 9.48 | $ | 8.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total return (B) |
1.92% | (C) | 31.64% | 17.30% | (1.24)% | 11.69% | 16.75% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
33,297 | $ | 27,220 | $ | 19,378 | $ | 14,016 | $ | 10,551 | $ | 3,936 | |||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.19% | (D) | 1.25% | 1.29% | 1.31% | 1.27% | 1.26% | |||||||||||||||||
Expenses, net waiver and reimbursement (E) |
1.12% | (D) | 1.14% | 1.24% | 1.27% | 1.22% | 1.21% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.38)% | (D) | (0.45)% | (0.22)% | (0.09)% | (0.03)% | 0.10% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (E) |
(0.31)% | (D) | (0.34)% | (0.17)% | (0.06)% | 0.02% | 0.15% | |||||||||||||||||
Portfolio turnover rate |
17% | (C) | 22% | 23% | 44% | 57% | 76% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
70
Timothy Small Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.35 | $ | 14.16 | $ | 17.15 | $ | 20.67 | $ | 20.50 | $ | 17.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.03 | 0.12 | 0.04 | 0.06 | (0.00) | * | 0.03 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.29) | 7.10 | (2.39) | (1.28) | 1.96 | 3.63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total from investment operations |
(0.26) | 7.22 | (2.35) | (1.22) | 1.96 | 3.66 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.08) | (0.03) | (0.04) | - | (0.00) | * | - | |||||||||||||||||
From net realized gains on investments |
(1.88) | - | (0.60) | (2.30) | (1.79) | (0.25) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(1.96) | (0.03) | (0.64) | (2.30) | (1.79) | (0.25) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 19.13 | $ | 21.35 | $ | 14.16 | $ | 17.15 | $ | 20.67 | $ | 20.50 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total return (B)(C) |
(1.64)% | (D) | 51.03% | (14.38)% | (3.77)% | 10.11% | 21.55% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 101,839 | $ | 105,800 | $ | 74,130 | $ | 99,077 | $ | 114,985 | $ | 112,953 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.70% | (E) | 1.46% | 1.57% | 1.52% | 1.50% | 1.46% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.62% | (E) | 1.34% | 1.47% | 1.43% | 1.44% | 1.41% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.23% | (E) | 0.50% | 0.19% | 0.29% | (0.08)% | 0.13% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F)(G) |
0.31% | (E) | 0.62% | 0.29% | 0.38% | (0.02)% | 0.18% | |||||||||||||||||
Portfolio turnover rate |
21% | (D) | 61% | 73% | 63% | 58% | 57% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
71
Timothy Small Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 14.16 | $ | 9.45 | $ | 11.69 | $ | 15.09 | $ | 15.54 | $ | 13.10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment loss (A) |
(0.03) | (0.02) | (0.05) | (0.05) | (0.11) | (0.08) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.16) | 4.73 | (1.59) | (1.05) | 1.45 | 2.77 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total from investment operations |
(0.19) | 4.71 | (1.64) | (1.10) | 1.34 | 2.69 | ||||||||||||||||||
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|
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|
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|
|
|||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(1.88) | - | (0.60) | (2.30) | (1.79) | (0.25) | ||||||||||||||||||
|
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|
|
|
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|
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|
|
|||||||||
Total distributions |
(1.88) | - | (0.60) | (2.30) | (1.79) | (0.25) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||||||
Net asset value, end of period |
$ | 12.09 | $ | 14.16 | $ | 9.45 | $ | 11.69 | $ | 15.09 | $ | 15.54 | ||||||||||||
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|
|||||||||
Total return (B)(C) |
(1.98)% | (D) | 49.84% | (15.01)% | (4.49)% | 9.24% | 20.70% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 7,307 | $ | 7,293 | $ | 5,663 | $ | 8,963 | $ | 14,603 | $ | 13,210 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.45% | (E) | 2.21% | 2.32% | 2.27% | 2.25% | 2.21% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
2.37% | (E) | 2.09% | 2.22% | 2.18% | 2.19% | 2.16% | |||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.52)% | (E) | (0.26)% | (0.55)% | (0.50)% | (0.82)% | (0.62)% | |||||||||||||||||
Net investment loss, net waiver and reimbursement (F)(G) |
(0.44)% | (E) | (0.14)% | (0.45)% | (0.42)% | (0.76)% | (0.57)% | |||||||||||||||||
Portfolio turnover rate |
21% | (D) | 61% | 73% | 63% | 58% | 57% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
72
Timothy Small Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.71 | $ | 14.42 | $ | 17.45 | $ | 20.93 | $ | 20.74 | $ | 17.24 | ||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.06 | 0.17 | 0.08 | 0.11 | 0.06 | 0.08 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.30) | 7.21 | (2.42) | (1.29) | 1.97 | 3.67 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.24) | 7.38 | (2.34) | (1.18) | 2.03 | 3.75 | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.13) | (0.09) | (0.09) | - | (0.05) | - | ||||||||||||||||||||||
From net realized gains on investments |
(1.88) | - | (0.60) | (2.30) | (1.79) | (0.25) | ||||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(2.01) | (0.09) | (0.69) | (2.30) | (1.84) | (0.25) | ||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 19.46 | $ | 21.71 | $ | 14.42 | $ | 17.45 | $ | 20.93 | $ | 20.74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B) |
(1.51)% | (C) | 51.33% | (14.14)% | (3.51)% | 10.37% | 21.89% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 54,161 | $ | 56,299 | $ | 35,473 | $ | 36,993 | $ | 35,140 | $ | 19,103 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.45% | (D) | 1.21% | 1.32% | 1.27% | 1.25% | 1.21% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (E) |
1.37% | (D) | 1.09% | 1.22% | 1.18% | 1.19% | 1.16% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.48% | (D) | 0.75% | 0.44% | 0.56% | 0.21% | 0.38% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (E)(F) |
0.56% | (D) | 0.87% | 0.54% | 0.64% | 0.27% | 0.43% | |||||||||||||||||||||
Portfolio turnover rate |
21% | (C) | 61% | 73% | 63% | 58% | 57% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
73
Timothy Large/Mid Cap Value Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 21.88 | $ | 17.43 | $ | 18.86 | $ | 20.38 | $ | 19.16 | $ | 17.15 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
0.01 | (0.01) | 0.03 | 0.09 | 0.07 | 0.05 | ||||||||||||||||||||||
Net realized and unrealized gain on investments (B) |
1.84 | 5.12 | 0.72 | 0.12 | 2.45 | 2.18 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.85 | 5.11 | 0.75 | 0.21 | 2.52 | 2.23 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.00) | * | (0.03) | (0.08) | (0.06) | (0.03) | - | |||||||||||||||||||||
From net realized gains on investments |
(1.03) | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(1.03) | (0.66) | (2.18) | (1.73) | (1.30) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 22.70 | $ | 21.88 | $ | 17.43 | $ | 18.86 | $ | 20.38 | $ | 19.16 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
8.40% | (E) | 29.89% | 3.93% | 2.54% | 13.58% | 13.10% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 174,820 | $ | 160,560 | $ | 130,296 | $ | 142,420 | $ | 172,163 | $ | 167,056 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.41% | (F) | 1.45% | 1.51% | 1.51% | 1.46% | 1.49% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (G) |
1.32% | (F) | 1.30% | 1.41% | 1.41% | 1.35% | 1.41% | |||||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.12% | (F) | (0.17)% | 0.06% | 0.42% | 0.27% | 0.18% | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (G)(H) |
0.03% | (F) | (0.02)% | 0.16% | 0.52% | 0.38% | 0.26% | |||||||||||||||||||||
Portfolio turnover rate |
25% | (E) | 33% | 26% | 51% | 24% | 39% |
*Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not agree to the aggregate gains and losses in the Statement of Operations due to the fluctuations in share transactions. |
(C) | Total return calculation does not reflect sales load. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
(G) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(H) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
74
Timothy Large/Mid Cap Value Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 16.31 | $ | 13.21 | $ | 14.82 | $ | 16.49 | $ | 15.82 | $ | 14.30 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.05) | (0.12) | (0.08) | (0.03) | (0.06) | (0.07) | ||||||||||||||||||||||
Net realized and unrealized gain on investments (B) |
1.38 | 3.85 | 0.57 | 0.03 | 2.00 | 1.81 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.33 | 3.73 | 0.49 | 0.00 | 1.94 | 1.74 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net realized gains on investments |
(1.03) | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(1.03) | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 16.61 | $ | 16.31 | $ | 13.21 | $ | 14.82 | $ | 16.49 | $ | 15.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C)(D) |
8.07% | (E) | 28.91% | 3.14% | 1.74% | 12.75% | 12.27% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 16,911 | $ | 15,162 | $ | 14,102 | $ | 16,627 | $ | 25,852 | $ | 23,803 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.16% | (F) | 2.20% | 2.26% | 2.26% | 2.21% | 2.24% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (G) |
2.07% | (F) | 2.05% | 2.16% | 2.16% | 2.10% | 2.16% | |||||||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.63)% | (F) | (0.92)% | (0.69)% | (0.32)% | (0.48)% | (0.57)% | |||||||||||||||||||||
Net investment loss, net waiver and reimbursement (G)(H) |
(0.72)% | (F) | (0.77)% | (0.59)% | (0.22)% | (0.37)% | (0.49)% | |||||||||||||||||||||
Portfolio turnover rate |
25% | (E) | 33% | 26% | 51% | 24% | 39% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period. |
(C) | Total return calculation does not reflect redemption fee. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | Annualized. |
(G) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(H) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
75
Timothy Large/Mid Cap Value Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.14 | $ | 17.63 | $ | 19.05 | $ | 20.58 | $ | 19.34 | $ | 17.27 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.04 | 0.04 | 0.07 | 0.14 | 0.13 | 0.10 | ||||||||||||||||||||||
Net realized and unrealized gain on investments |
1.87 | 5.18 | 0.74 | 0.11 | 2.45 | 2.19 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.91 | 5.22 | 0.81 | 0.25 | 2.58 | 2.29 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.03) | (0.08) | (0.13) | (0.11) | (0.07) | - | ||||||||||||||||||||||
From net realized gains on investments |
(1.03) | (0.63) | (2.10) | (1.67) | (1.27) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(1.06) | (0.71) | (2.23) | (1.78) | (1.34) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 22.99 | $ | 22.14 | $ | 17.63 | $ | 19.05 | $ | 20.58 | $ | 19.34 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B) |
8.56% | (C) | 30.20% | 4.24% | 2.78% | 13.83% | 13.36% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 90,249 | $ | 77,776 | $ | 47,340 | $ | 47,477 | $ | 35,573 | $ | 19,384 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.16% | (D) | 1.20% | 1.26% | 1.26% | 1.21% | 1.23% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (E) |
1.07% | (D) | 1.05% | 1.16% | 1.16% | 1.10% | 1.14% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.37% | (D) | 0.08% | 0.31% | 0.66% | 0.54% | 0.46% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (E)(F) |
0.28% | (D) | 0.23% | 0.41% | 0.77% | 0.65% | 0.55% | |||||||||||||||||||||
Portfolio turnover rate |
25% | (C) | 33% | 26% | 51% | 24% | 39% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(F) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
76
Timothy Fixed Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.44 | $ | 10.80 | $ | 10.39 | $ | 9.81 | $ | 10.22 | $ | 10.47 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.04 | 0.03 | 0.12 | 0.16 | 0.16 | 0.13 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.64) | (0.27) | 0.44 | 0.60 | (0.39) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.60) | (0.24) | 0.56 | 0.76 | (0.23) | (0.09) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.05) | (0.12) | (0.15) | (0.18) | (0.18) | (0.16) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.05) | (0.12) | (0.15) | (0.18) | (0.18) | (0.16) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.79 | $ | 10.44 | $ | 10.80 | $ | 10.39 | $ | 9.81 | $ | 10.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(5.76)% | (D) | (2.20)% | 5.39% | 7.76% | (2.31)% | (0.81)% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 89,304 | $ | 96,586 | $ | 91,403 | $ | 85,375 | $ | 66,119 | $ | 75,858 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.08% | (E) | 1.34% | 1.30% | 1.30% | 1.30% | 1.30% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
0.88% | (E) | 1.14% | 1.10% | 1.13% | 1.10% | 1.10% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.49% | (E) | 0.11% | 0.90% | 1.46% | 1.40% | 1.05% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (F) |
0.69% | (E) | 0.31% | 1.10% | 1.62% | 1.60% | 1.25% | |||||||||||||||||||||
Portfolio turnover rate |
44% | (D) | 45% | 32% | 53% | 30% | 43% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
77
Timothy Fixed Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.04 | $ | 10.38 | $ | 9.99 | $ | 9.44 | $ | 9.85 | $ | 10.09 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss)(A) |
(0.00) | * | (0.04) | 0.04 | 0.09 | 0.08 | 0.05 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.61) | (0.27) | 0.42 | 0.57 | (0.39) | (0.20) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.61) | (0.31) | 0.46 | 0.66 | (0.31) | (0.15) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.03) | (0.03) | (0.07) | (0.11) | (0.10) | (0.09) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.03) | (0.03) | (0.07) | (0.11) | (0.10) | (0.09) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.40 | $ | 10.04 | $ | 10.38 | $ | 9.99 | $ | 9.44 | $ | 9.85 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(6.07)% | (D) | (2.99)% | 4.59% | 7.06% | (3.15)% | (1.49)% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 10,436 | $ | 11,369 | $ | 9,320 | $ | 8,502 | $ | 9,653 | $ | 9,637 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.83% | (E) | 2.09% | 2.05% | 2.05% | 2.05% | 2.06% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.63% | (E) | 1.89% | 1.85% | 1.88% | 1.85% | 1.86% | |||||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
(0.26)% | (E) | (0.64)% | 0.15% | 0.72% | 0.65% | 0.30% | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
(0.06)% | (E) | (0.44)% | 0.35% | 0.89% | 0.85% | 0.50% | |||||||||||||||||||||
Portfolio turnover rate |
44% | (D) | 45% | 32% | 53% | 30% | 43% |
*Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
78
Timothy Fixed Income Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.34 | $ | 10.73 | $ | 10.32 | $ | 9.74 | $ | 10.15 | $ | 10.41 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.05 | 0.06 | 0.14 | 0.19 | 0.18 | 0.16 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.63) | (0.28) | 0.44 | 0.59 | (0.39) | (0.23) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.58) | (0.22) | 0.58 | 0.78 | (0.21) | (0.07) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.06) | (0.17) | (0.17) | (0.20) | (0.20) | (0.19) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.06) | (0.17) | (0.17) | (0.20) | (0.20) | (0.19) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.70 | $ | 10.34 | $ | 10.73 | $ | 10.32 | $ | 9.74 | $ | 10.15 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B) |
(5.60)% | (C) | (2.07)% | 5.70% | 8.05% | (2.06)% | (0.64)% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 31,723 | $ | 18,389 | $ | 13,215 | $ | 8,095 | $ | 3,208 | $ | 2,134 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
0.83% | (D) | 1.09% | 1.05% | 1.05% | 1.05% | 1.08% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (E) |
0.63% | (D) | 0.89% | 0.85% | 0.88% | 0.85% | 0.88% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.74% | (D) | 0.36% | 1.12% | 1.68% | 1.66% | 1.37% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (E) |
0.94% | (D) | 0.56% | 1.32% | 1.86% | 1.86% | 1.57% | |||||||||||||||||||||
Portfolio turnover rate |
44% | (C) | 45% | 32% | 53% | 30% | 43% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
79
Timothy High Yield Bond Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.40 | $9.11 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.20 | 0.41 | 0.43 | 0.39 | 0.34 | 0.34 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.60) | 0.64 | (0.15) | 0.36 | (0.36) | 0.28 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.40) | 1.05 | 0.28 | 0.75 | (0.02) | 0.62 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.20) | (0.40) | (0.41) | (0.38) | (0.36) | (0.33) | ||||||||||||||||||||||
From net realized gains on investments |
(0.03) | - | - | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.23) | (0.40) | (0.41) | (0.38) | (0.36) | (0.33) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.28 | $ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.40 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(4.09)% | (D) | 11.42% | 3.26% | 8.50% | (0.17)% | 6.94% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 79,130 | $ | 64,216 | $ | 45,940 | $ | 39,777 | $ | 41,991 | $ | 52,950 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.14% | (E) | 1.38% | 1.34% | 1.35% | 1.44% | 1.32% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.06% | (E) | 1.33% | 1.29% | 1.31% | 1.39% | 1.27% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
4.14% | (E) | 4.15% | 4.61% | 4.24% | 3.67% | 3.66% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (F) |
4.22% | (E) | 4.20% | 4.66% | 4.28% | 3.72% | 3.71% | |||||||||||||||||||||
Portfolio turnover rate |
12% | (D) | 57% | 91% | 75% | 12% | 45% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
80
Timothy High Yield Bond Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.08 | $ | 9.40 | $ | 9.52 | $ | 9.14 | $ | 9.51 | $ | 9.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.17 | 0.34 | 0.36 | 0.32 | 0.28 | 0.28 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.62) | 0.66 | (0.14) | 0.36 | (0.36) | 0.27 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.45) | 1.00 | 0.22 | 0.68 | (0.08) | 0.55 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.17) | (0.32) | (0.34) | (0.30) | (0.29) | (0.26) | ||||||||||||||||||||||
From net realized gains on investments |
(0.03) | - | - | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.20) | (0.32) | (0.34) | (0.30) | (0.29) | (0.26) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.43 | $ | 10.08 | $ | 9.40 | $ | 9.52 | $ | 9.14 | $ | 9.51 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(4.58)% | (D) | 10.71% | 2.45% | 7.63% | (0.85)% | 6.04% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,156 | $ | 3,138 | $ | 2,427 | $ | 2,660 | $ | 3,219 | $ | 3,539 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.89% | (E) | 2.13% | 2.09% | 2.10% | 2.19% | 2.07% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.81% | (E) | 2.08% | 2.04% | 2.06% | 2.14% | 2.02% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
3.39% | (E) | 3.40% | 3.84% | 3.46% | 2.92% | 2.91% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (F) |
3.47% | (E) | 3.45% | 3.89% | 3.50% | 2.97% | 2.96% | |||||||||||||||||||||
Portfolio turnover rate |
12% | (D) | 57% | 91% | 75% | 12% | 45% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
81
Timothy High Yield Bond Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.41 | $ | 9.12 | ||||||||||||||||
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|
|
|
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|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.22 | 0.44 | 0.45 | 0.42 | 0.36 | 0.37 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.60) | 0.63 | (0.14) | 0.35 | (0.36) | 0.28 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.38) | 1.07 | 0.31 | 0.77 | 0.00 | 0.65 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.22) | (0.42) | (0.44) | (0.40) | (0.39) | (0.36) | ||||||||||||||||||||||
From net realized gains on investments |
(0.03) | - | - | - | - | - | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.25) | (0.42) | (0.44) | (0.40) | (0.39) | (0.36) | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 9.28 | $ | 9.91 | $ | 9.26 | $ | 9.39 | $ | 9.02 | $ | 9.41 | ||||||||||||||||
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|
|
|
|||||||||||||||||
Total return (B) |
(3.98)% | (C) | 11.71% | 3.53% | 8.78% | 0.00% | 7.21% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 57,352 | $ | 69,150 | $ | 30,924 | $ | 18,363 | $ | 11,578 | $ | 9,717 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
0.89% | (D) | 1.13% | 1.09% | 1.10% | 1.19% | 1.06% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (E) |
0.81% | (D) | 1.08% | 1.04% | 1.06% | 1.14% | 1.01% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
4.39% | (D) | 4.40% | 4.86% | 4.52% | 3.92% | 3.89% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (E) |
4.47% | (D) | 4.45% | 4.91% | 4.56% | 3.97% | 3.94% | |||||||||||||||||||||
Portfolio turnover rate |
12% | (C) | 57% | 91% | 75% | 12% | 45% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(C) | For periods of less than one full year, total return and turnover are not annualized. |
(D) | Annualized. |
(E) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
82
Timothy Israel Common Values Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months ended March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.70 | $ | 16.55 | $ | 17.84 | $ | 15.74 | $ | 14.91 | $ | 12.45 | ||||||||||||||||
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|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss)(A) |
0.01 | (0.10) | (0.10) | 0.00 | * | (0.04) | 0.07 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.57 | 8.25 | (1.01) | 2.20 | 1.07 | 2.58 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
2.58 | 8.15 | (1.11) | 2.20 | 1.03 | 2.65 | ||||||||||||||||||||||
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|
|
|
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|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | (0.18) | - | (0.14) | (0.19) | ||||||||||||||||||||||
From net realized gains on investments |
- | - | - | (0.10) | - | - | ||||||||||||||||||||||
Return of Capital |
- | 0.00 | * | - | (0.06) | - | ||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | - | (0.18) | (0.10) | (0.20) | (0.19) | ||||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 27.28 | $ | 24.70 | $ | 16.55 | $ | 17.84 | $ | 15.74 | $ | 14.91 | ||||||||||||||||
|
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|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
10.45% | (D) | 49.24% | (6.35)% | 14.12% | 7.00% | 21.62% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 66,975 | (E) | $ | 57,667 | $ | 36,800 | $ | 49,123 | $ | 41,137 | $ | 34,958 | |||||||||||||||
Ratio of expenses to average net assets |
1.48% | (E) | 1.72% | 1.84% | 1.76% | 1.84% | 1.80% | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.11% | (E) | (0.48)% | (0.62)% | 0.02% | (0.27)% | 0.54% | |||||||||||||||||||||
Portfolio turnover rate |
3% | (D) | 12% | 16% | 23% | 9% | 10% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
83
Timothy Israel Common Values Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.29 | $ | 15.73 | $ | 16.97 | $ | 15.09 | $ | 14.33 | $ | 12.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment loss (A) |
(0.08) | (0.26) | (0.22) | (0.12) | (0.15) | (0.03) | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.43 | 7.82 | (0.96) | 2.10 | 1.03 | 2.48 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
2.35 | 7.56 | (1.18) | 1.98 | 0.88 | 2.45 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | (0.06) | - | (0.07) | (0.13) | ||||||||||||||||||||||
From net realized gains on investments |
- | - | - | (0.10) | - | - | ||||||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | - | (0.05) | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | - | (0.06) | (0.10) | (0.12) | (0.13) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 25.64 | $ | 23.29 | $ | 15.73 | $ | 16.97 | $ | 15.09 | $ | 14.33 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
10.09% | (D) | 48.06% | (7.00)% | 13.26% | 6.20% | 20.60% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 13,910 | (E) | $ | 12,293 | $ | 9,076 | $ | 9,750 | $ | 9,220 | $ | 7,905 | |||||||||||||||
Ratio of expenses to average net assets |
2.23% | (E) | 2.47% | 2.59% | 2.51% | 2.59% | 2.56% | |||||||||||||||||||||
Ratio of net investment loss to average net assets |
(0.64%) | (E) | (1.27)% | (1.37)% | (0.75)% | (1.01)% | (0.21)% | |||||||||||||||||||||
Portfolio turnover rate |
3% | (D) | 12% | 16% | 23% | 9% | 10% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
84
Timothy Israel Common Values Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.95 | $ | 16.68 | $ | 17.97 | $ | 15.81 | $ | 14.97 | $ | 12.50 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
0.05 | (0.05) | * | (0.06) | 0.06 | 0.01 | 0.12 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
2.59 | 8.32 | (1.01) | 2.20 | 1.06 | (B) | 2.57 | (B) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
2.64 | 8.27 | (1.07) | 2.26 | 1.07 | 2.69 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
- | - | (0.22) | - | (0.04) | (0.22) | ||||||||||||||||||||||
From net realized gains on investments |
- | - | - | (0.10) | - | - | ||||||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | - | (0.19) | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
- | - | (0.22) | (0.10) | (0.23) | (0.22) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 27.59 | $ | 24.95 | $ | 16.68 | $ | 17.97 | $ | 15.81 | $ | 14.97 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (C) |
10.58% | (D) | 49.58% | (6.08)% | 14.44% | 7.22% | 21.87% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 56,139 | (E) | $ | 45,063 | $ | 23,928 | $ | 21,533 | $ | 10,084 | $ | 2,189 | |||||||||||||||
Ratio of expenses to average net assets |
1.23% | (E) | 1.47% | 1.59% | 1.51% | 1.69% | 1.56% | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets |
0.36% | (E) | (0.22)% | (0.37)% | 0.38% | 0.05% | 0.83% | |||||||||||||||||||||
Portfolio turnover rate |
3% | (D) | 12% | 16% | 23% | 9% | 10% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
The accompanying notes are an integral part of these financial statements.
85
Timothy Defensive Strategies Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.52 | $ | 11.78 | $ | 11.69 | $ | 11.44 | $ | 11.37 | $ | 11.49 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
0.07 | 0.10 | (0.01) | 0.06 | 0.10 | 0.00* | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.32 | 1.64 | 0.44 | 0.48 | (0.01) | (0.08) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.39 | 1.74 | 0.43 | 0.54 | 0.09 | (0.08) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.07) | - | (0.06) | (0.11) | (0.02) | (0.04) | ||||||||||||||||||||||
From net realized gains on investments |
- | - | (0.28) | (0.18) | - | - | ||||||||||||||||||||||
Return of capital |
- | - | 0.00* | - | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.07) | - | (0.34) | (0.29) | (0.02) | (0.04) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 14.84 | $ | 13.52 | $ | 11.78 | $ | 11.69 | $ | 11.44 | $ | 11.37 | ||||||||||||||||
|
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
10.33% | (D) | 14.77% | 3.75% | 4.92% | 0.75% | (0.72)% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 49,039 | $ | 40,342 | $ | 29,577 | $ | 33,926 | $ | 40,573 | $ | 50,080 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.53% | (E) | 1.48% | 1.54% | 1.45% | 1.41% | 1.44% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.48% | (E) | 1.43% | 1.49% | 1.41% | 1.36% | 1.39% | |||||||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
1.02% | (E) | 0.74% | (0.13)% | 0.52% | 0.86% | (0.05)% | |||||||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
1.07% | (E) | 0.79% | (0.08)% | 0.56% | 0.91% | 0.00% | |||||||||||||||||||||
Portfolio turnover rate |
13% | (D) | 34% | 49% | 34% | 35% | 51% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
86
Timothy Defensive Strategies Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 12.74 | $ | 11.18 | $ | 11.13 | $ | 10.90 | $ | 10.90 | $ | 11.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.02 | 0.01 | (0.09) | (0.03) | 0.02 | (0.08) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.24 | 1.55 | 0.42 | 0.46 | (0.02) | (0.09) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
1.26 | 1.56 | 0.33 | 0.43 | 0.00 | (0.17) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
- | - | - | (0.02) | - | - | ||||||||||||||||||
From net realized gains on investments |
- | - | (0.28) | (0.18) | - | - | ||||||||||||||||||
From return of capital |
- | - | 0.00 | * | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
- | - | (0.28) | (0.20) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 14.00 | $ | 12.74 | $ | 11.18 | $ | 11.13 | $ | 10.90 | $ | 10.90 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
9.89% | (D) | 13.95% | 3.01% | 4.06% | 0.00% | (1.54)% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 4,878 | $ | 3,388 | $ | 2,464 | $ | 3,110 | $ | 5,432 | $ | 6,683 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.28% | (E) | 2.23% | 2.29% | 2.20% | 2.16% | 2.21% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
2.23% | (E) | 2.18% | 2.24% | 2.16% | 2.11% | 2.16% | |||||||||||||||||
Net investment income (loss), before waiver and reimbursement |
0.27% | (E) | (0.01)% | (0.89)% | (0.31)% | 0.09% | (0.79)% | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F) |
0.32% | (E) | 0.04% | (0.84)% | (0.27)% | 0.14% | (0.74)% | |||||||||||||||||
Portfolio turnover rate |
13% | (D) | 34% | 49% | 34% | 35% | 51% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
87
Timothy Defensive Strategies Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 13.55 | $ | 11.77 | $ | 11.69 | $ | 11.45 | $ | 11.38 | $ | 11.51 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (A) |
0.10 | 0.17 | 0.02 | 0.09 | 0.14 | 0.06 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
1.31 | 1.61 | 0.43 | 0.47 | (0.02) | (0.12) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
1.41 | 1.78 | 0.45 | 0.56 | 0.12 | (0.06) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.10) | - | (0.09) | (0.14) | (0.05) | (0.07) | ||||||||||||||||||||||
From net realized gains on investments |
- | - | (0.28) | (0.18) | - | - | ||||||||||||||||||||||
From return of capital |
- | - | 0.00 | * | - | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.10) | - | (0.37) | (0.32) | (0.05) | (0.07) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 14.86 | $ | 13.55 | $ | 11.77 | $ | 11.69 | $ | 11.45 | $ | 11.38 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
10.45% | (D) | 15.12% | 3.96% | 5.17% | 1.04% | (0.54)% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 22,491 | $ | 14,750 | $ | 5,212 | $ | 3,692 | $ | 3,071 | $ | 2,661 | ||||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.28% | (E) | 1.23% | 1.29% | 1.20% | 1.16% | 1.14% | |||||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.23% | (E) | 1.18% | 1.24% | 1.16% | 1.11% | 1.09% | |||||||||||||||||||||
Net investment income, before waiver and reimbursement |
1.27% | (E) | 1.21% | 0.16% | 0.78% | 1.14% | 0.44% | |||||||||||||||||||||
Net investment income, net waiver and reimbursement (F) |
1.32% | (E) | 1.26% | 0.21% | 0.82% | 1.19% | 0.49% | |||||||||||||||||||||
Portfolio turnover rate |
13% | (D) | 34% | 49% | 34% | 35% | 51% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
The accompanying notes are an integral part of these financial statements.
88
Timothy Strategic Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.92 | $ | 9.48 | $ | 9.64 | $ | 9.70 | $ | 9.48 | $ | 8.73 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||||
Net investment income (loss) (A) |
0.03 | 0.03 | 0.04 | 0.01 | 0.00 | * | (0.04) | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.09) | 1.75 | 0.16 | (0.04) | 0.22 | 0.79 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total from investment operations |
(0.06) | 1.78 | 0.20 | (0.03) | 0.22 | 0.75 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||||
From net investment income |
(0.02) | (0.01) | - | - | - | - | ||||||||||||||||||||||
From net realized gains on investments |
(0.49) | (0.33) | (0.36) | (0.03) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.51) | (0.34) | (0.36) | (0.03) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 10.35 | $ | 10.92 | $ | 9.48 | $ | 9.64 | $ | 9.70 | $ | 9.48 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total return (B)(C) |
(0.65)% | (D) | 19.15% | 2.03% | (0.26)% | 2.32% | 8.59% | |||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 35,689 | $ | 37,731 | $ | 32,260 | $ | 32,318 | $ | 32,078 | $ | 32,767 | ||||||||||||||||
Ratio of expenses to average net assets (E) |
0.93% | (F) | 1.10% | 1.15% | 1.12% | 1.10% | 1.07% | |||||||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) |
0.53% | (F) | 0.27% | 0.42% | 0.16% | 0.00% | (0.45)% | |||||||||||||||||||||
Portfolio turnover rate |
23% | (D) | 22% | 47% | 50% | 8% | 36% |
* Amount is less than $0.005 per share.
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Annualized. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
89
Timothy Strategic Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 9.50 | $ | 8.34 | $ | 8.58 | $ | 8.70 | $ | 8.57 | $ | 7.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.01) | (0.05) | (0.03) | 0.03 | (0.06) | (0.10) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.07) | 1.54 | 0.15 | (0.12) | 0.19 | 0.72 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(0.08) | 1.49 | 0.12 | (0.09) | 0.13 | 0.62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net realized gains on investments |
(0.49) | (0.33) | (0.36) | (0.03) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.49) | (0.33) | (0.36) | (0.03) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 8.93 | $ | 9.50 | $ | 8.34 | $ | 8.58 | $ | 8.70 | $ | 8.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
(1.01)% | (D) | 18.19% | 1.33% | (0.99)% | 1.52% | 7.80% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 3,139 | $ | 2,967 | $ | 2,743 | $ | 3,247 | $ | 6,313 | $ | 6,966 | ||||||||||||
Ratio of expenses to average net assets (E) |
1.68% | (F) | 1.85% | 1.90% | 1.87% | 1.85% | 1.82% | |||||||||||||||||
Ratio of net investment income (loss), to average net assets (E)(G) |
(0.22)% | (F) | (0.48)% | (0.32)% | 0.35% | (0.70)% | (1.18)% | |||||||||||||||||
Portfolio turnover rate |
23% | (D) | 22% | 47% | 50% | 8% | 36% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Annualized. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
90
Timothy Conservative Growth Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.66 | $ | 10.62 | $ | 10.66 | $ | 10.75 | $ | 10.67 | $ | 10.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.02 | 0.02 | 0.05 | 0.05 | 0.02 | (0.02) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.23) | 1.31 | 0.30 | 0.10 | 0.09 | 0.63 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(0.21) | 1.33 | 0.35 | 0.15 | 0.11 | 0.61 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.02) | (0.04) | - | - | - | - | ||||||||||||||||||
From net realized gains on investments |
(0.45) | (0.25) | (0.39) | (0.24) | (0.03) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.47) | (0.29) | (0.39) | (0.24) | (0.03) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 10.98 | $ | 11.66 | $ | 10.62 | $ | 10.66 | $ | 10.75 | $ | 10.67 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
(1.98)% | (D) | 12.63% | 3.27% | 1.61% | 1.06% | 6.06% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 44,420 | $ | 46,151 | $ | 41,546 | $ | 40,590 | $ | 42,040 | $ | 45,110 | ||||||||||||
Ratio of expenses to average net assets (E) |
0.91% | (F) | 1.10% | 1.12% | 1.08% | 1.08% | 1.04% | |||||||||||||||||
Ratio of net investment income (loss) to average net |
0.42% | (F) | 0.20% | 0.43% | 0.44% | 0.14% | (0.20)% | |||||||||||||||||
Portfolio turnover rate |
18% | (D) | 21% | 37% | 42% | 7% | 27% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(F) | Annualized. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
91
Timothy Conservative Growth Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 10.29 | $ | 9.43 | $ | 9.59 | $ | 9.76 | $ | 9.76 | $ | 9.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
(0.02) | (0.06) | (0.03) | 0.01 | (0.06) | (0.09) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.20) | 1.17 | 0.26 | 0.06 | 0.09 | (B) | 0.58 | (B) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
(0.22) | 1.11 | 0.23 | 0.07 | 0.03 | 0.49 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.00) | - | - | - | - | - | ||||||||||||||||||
From net realized gains on investments |
(0.45) | (0.25) | (0.39) | (0.24) | (0.03) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.45) | (0.25) | (0.39) | (0.24) | (0.03) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 9.62 | $ | 10.29 | $ | 9.43 | $ | 9.59 | $ | 9.76 | $ | 9.76 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (C)(D) |
(2.31)% | (E) | 11.84% | 2.36% | 0.94% | 0.34% | 5.29% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of period (in 000s) |
$ | 5,085 | $ | 5,496 | $ | 4,712 | $ | 5,504 | $ | 9,218 | $ | 9,981 | ||||||||||||
Ratio of expenses to average net assets (F) |
1.66% | (G) | 1.85% | 1.87% | 1.83% | 1.83% | 1.79% | |||||||||||||||||
Ratio of net investment income (loss), to average net assets (F)(H) |
(0.33)% | (G) | (0.56)% | (0.31)% | 0.14% | (0.63)% | (0.96)% | |||||||||||||||||
Portfolio turnover rate |
18% | (E) | 21% | 37% | 42% | 7% | 27% |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Realized and unrealized gains per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the Statement of Operations due to the timing of share transactions for the period. |
(C) | Total return calculation does not reflect redemption fees. Total return represents aggregate total return based on Net Asset Value. |
(D) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(E) | For periods of less than one full year, total return and turnover are not annualized. |
(F) | These ratios exclude the impact of expenses of the underlying security holdings as represented in the Schedule of Investments. |
(G) | Annualized. |
(H) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
92
Timothy Growth & Income Fund (Class A Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.75 | $ | 10.11 | $ | 10.60 | $ | 10.87 | $ | 11.28 | $ | 10.76 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (A) |
0.05 | 0.06 | 0.09 | 0.04 | 0.01 | 0.01 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.65 | 1.68 | (0.47) | (0.07) | (0.14) | 0.52 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.70 | 1.74 | (0.38) | (0.03) | (0.13) | 0.53 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.05) | (0.10) | (0.11) | (0.05) | (0.01) | (0.01) | ||||||||||||||||||
From net realized gains on investments |
(0.05) | - | - | (0.19) | (0.27) | - | ||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | (0.00) | * | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.10) | (0.10) | (0.11) | (0.24) | (0.28) | (0.01) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of year |
$ | 12.35 | $ | 11.75 | $ | 10.11 | $ | 10.60 | $ | 10.87 | $ | 11.28 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
5.96% | (D) | 17.18% | (3.48)% | (0.10)% | (1.22)% | 4.91% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of year (in 000s) |
$ | 15,524 | $ | 14,191 | $ | 13,295 | $ | 14,500 | $ | 27,716 | $ | 30,426 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.34% | (E) | 1.90% | 1.85% | 1.69% | 1.70% | 1.59% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.20% | (E) | 1.52% | 1.50% | 1.65% | 1.65% | 1.54% | |||||||||||||||||
Net investment income, before waiver and reimbursement |
0.62% | (E) | 0.18% | 0.55% | 0.37% | 0.08% | 0.03% | |||||||||||||||||
Net investment income, net waiver and |
0.76% | (E) | 0.56% | 0.90% | 0.42% | 0.13% | 0.08% | |||||||||||||||||
Portfolio turnover rate |
51% | (D) | 43% | 39% | 167% | 56% | 118% |
* | Amount is less than $0.005 per share |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect sales load. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
93
Timothy Growth & Income Fund (Class C Shares)
Selected data based on a share outstanding throughout each period
For the Six Months March 31, 2022 |
For the Year ended September 30, 2021 |
For the Year ended September 30, 2020 |
For the Year ended September 30, 2019 |
For the Year ended September 30, 2018 |
For the Year ended September 30, 2017 |
|||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.31 | $ | 9.74 | $ | 10.21 | $ | 10.51 | $ | 10.99 | $ | 10.55 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
Net investment income (loss) (A) |
0.00 | * | (0.02) | 0.02 | (0.03) | (0.07) | (0.07) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.64 | 1.60 | (0.45) | (0.07) | (0.14) | 0.51 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
0.64 | 1.58 | (0.43) | (0.10) | (0.21) | 0.44 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||
From net investment income |
(0.02) | (0.01) | (0.04) | (0.01) | - | - | ||||||||||||||||||
From net realized gains on investments |
(0.05) | - | - | (0.19) | (0.27) | - | ||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | (0.00) | * | - | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions |
(0.07) | (0.01) | (0.04) | (0.20) | (0.27) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net asset value, end of year |
$ | 11.88 | $ | 11.31 | $ | 9.74 | $ | 10.21 | $ | 10.51 | $ | 10.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total return (B)(C) |
5.65% | (D) | 16.25% | (4.20)% | (0.82)% | (1.97)% | 4.17% | |||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
Net assets, end of year (in 000s) |
$ | 2,324 | $ | 1,938 | $ | 1,719 | $ | 2,388 | $ | 3,176 | $ | 3,006 | ||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
2.09% | (E) | 2.65% | 2.60% | 2.44% | 2.45% | 2.34% | |||||||||||||||||
Expenses, net waiver and reimbursement (F) |
1.95% | (E) | 2.27% | 2.25% | 2.40% | 2.40% | 2.29% | |||||||||||||||||
Net investment loss, before waiver and reimbursement |
(0.13%) | (E) | (0.57%) | (0.19%) | (0.34%) | (0.67%) | (0.73%) | |||||||||||||||||
Net investment income (loss), net waiver and reimbursement (F)(G) |
0.01% | (E) | (0.19%) | 0.16% | (0.29%) | (0.62%) | (0.68%) | |||||||||||||||||
Portfolio turnover rate |
51% | (D) | 43% | 39% | 167% | 56% | 118% |
* | Amount is less than $0.005 per share |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return calculation does not reflect redemption fee. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
94
Timothy Growth & Income Fund (Class I Shares)
Selected data based on a share outstanding throughout each period
For the Six Months | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||||
ended | ended | ended | ended | ended | ended | |||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 11.83 | $ | 10.18 | $ | 10.67 | $ | 10.94 | $ | 11.34 | $ | 10.81 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||||
Net investment income (A) |
0.06 | 0.09 | 0.12 | 0.08 | 0.04 | 0.03 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
0.68 | 1.69 | (0.47) | (0.09) | (0.15) | 0.53 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total from investment operations |
0.74 | 1.78 | (0.35) | (0.01) | (0.11) | 0.56 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LESS DISTRIBUTIONS: |
||||||||||||||||||||||||||
From net investment income |
(0.07) | (0.13) | (0.14) | (0.07) | (0.02) | (0.03) | ||||||||||||||||||||
From net realized gains on investments |
(0.05) | - | - | (0.19) | (0.27) | - | ||||||||||||||||||||
Return of Capital |
- | - | 0.00 | * | (0.00) | * | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.12) | (0.13) | (0.14) | (0.26) | (0.29) | (0.03) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of year |
$ | 12.45 | $ | 11.83 | $ | 10.18 | $ | 10.67 | $ | 10.94 | $ | 11.34 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total return (B)(C) | 6.23% | (D) | 17.44% | (3.20)% | 0.11% | (0.96)% | 5.19% | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA: |
||||||||||||||||||||||||||
Net assets, end of year (in 000s) |
$ | 2,406 | $ | 2,070 | $ | 2,102 | $ | 3,182 | $ | 3,012 | $ | 2,197 | ||||||||||||||
Ratios to average net assets |
||||||||||||||||||||||||||
Expenses, before waiver and reimbursement |
1.09% | (E) | 1.65% | 1.60% | 1.44% | 1.45% | 1.34% | |||||||||||||||||||
Expenses, net waiver and reimbursement (F) |
0.95% | (E) | 1.27% | 1.25% | 1.40% | 1.40% | 1.29% | |||||||||||||||||||
Net investment income, before waiver and reimbursement |
0.87% | (E) | 0.43% | 0.86% | 0.70% | 0.33% | 0.27% | |||||||||||||||||||
Net investment income, net waiver and reimbursement (F)(G) |
1.01% | (E) | 0.81% | 1.21% | 0.75% | 0.38% | 0.32% | |||||||||||||||||||
Portfolio turnover rate |
51% | (D) | 43% | 39% | 167% | 56% | 118% |
* | Amount is less than $0.005 per share |
(A) | Per share amounts calculated using average shares method, which more appropriately presents the per share data for the period. |
(B) | Total return represents aggregate total return based on Net Asset Value. |
(C) | Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends. Total return would have been higher or lower if certain expenses had not been reimbursed, waived or recouped. |
(D) | For periods of less than one full year, total return and turnover are not annualized. |
(E) | Annualized. in which the Fund invests. |
(F) | This expense decrease from the voluntary waiver is reflected in both the net expense and the net investment income ratios shown. |
(G) | Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
The accompanying notes are an integral part of these financial statements.
95
Notes to Financial Statements
March 31, 2022 (Unaudited)
Timothy Plan Family of Funds
Note 1 | Significant Accounting Policies
The Timothy Plan (the Trust) is organized as a series of a Delaware business trust pursuant to a trust agreement dated December 16, 1993. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of March 31, 2022, the Trust consisted of eighteen series. These financial statements include the following twelve series: Timothy Plan Aggressive Growth Fund, Timothy Plan International Fund, Timothy Plan Large/Mid Cap Growth Fund, Timothy Plan Small Cap Value Fund, Timothy Plan Large/Mid Cap Value Fund, Timothy Plan Fixed Income Fund, Timothy Plan High Yield Bond Fund, Timothy Plan Israel Common Values Fund, Timothy Plan Defensive Strategies Fund, Timothy Plan Strategic Growth Fund, Timothy Plan Conservative Growth Fund and Timothy Plan Growth & Income Fund (the Funds). The Funds are diversified funds except for the Timothy Plan Defensive Strategy Fund which is a non-diversified fund.
The Timothy Plan Aggressive Growth Funds investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Funds total assets in U.S. common stocks without regard to market capitalizations and investing in the securities of a limited number of companies which the Funds Advisor believes show a high probability for superior growth.
The Timothy Plan International Funds investment objective is long-term growth of capital. The Fund seeks to achieve its investment objectives by normally investing at least 80% of the Funds total assets in the securities of foreign companies (companies domiciled in countries other than the United States), without regard to market capitalizations. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.
The Timothy Plan Large/Mid Cap Growth Funds investment objective is long-term growth of capital. Current income is not a significant investment consideration and any such income realized will be considered incidental to the Funds investment objective. The Fund seeks to achieve its investment objective by normally investing at least 80% of the Funds total assets in U.S. common stocks with market capitalizations in excess of $2 billion.
The Timothy Plan Small Cap Value Funds primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing at least 80% of the Funds total assets in U.S. stocks with market capitalizations that fall within the range of companies included in the Russell 2000 Index.
The Timothy Plan Large/Mid Cap Value Funds investment objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by primarily investing in U.S. common stocks. The Fund will invest at least 80% of its assets in the common stock of companies whose total market capitalization generally exceeds $2 billion.
The Timothy Plan Fixed Income Fund seeks to generate a high level of current income consistent with prudent investment risk. To achieve its investment objective, the Fund normally invests in a diversified portfolio of debt securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities.
The Timothy Plan High Yield Bond Funds investment objective is to generate a high level of current income. To achieve its investment objective, the Fund normally invests in a diversified portfolio of high yield fixed income securities. These include corporate bonds, U.S. Government and agency securities, convertible securities and preferred securities. The Fund will generally purchase securities that are not investment-grade, meaning securities with a rating of BBB or lower as rated by Standard and Poors or a comparable rating by another nationally recognized rating agency. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.
The Timothy Plan Israel Common Values Fund seeks to provide long-term growth of capital. This Fund seeks to achieve its investment objectives by normally investing at least 80% of the Funds total assets in the common stock of companies domiciled and/or headquartered in Israel through the purchase of American Depositary Receipts (ADRs) and direct investments in such companies on foreign stock exchanges, without regard to market capitalizations.
The Timothy Plan Defensive Strategies Funds investment objective is the protection of principal through aggressive, proactive reactions to prevailing economic conditions. To achieve its investment objective, the Fund normally invests in Real Estate Investment Trusts (REITs), commodities based Exchange-Traded Funds (ETFs), Treasury Inflation Protected Securities (TIPS), and currently holds gold bullion.
The Timothy Plan Strategic Growth Fund seeks to generate medium to high levels of long-term capital growth. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-20% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 0-10% of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-20% of its net assets in the Timothy Fixed Income Fund; approximately 0-40% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-20% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-30% of its net assets in the Timothy Plan International ETF; and approximately 0-20% of its net assets in the Timothy Plan Small Cap Core ETF.
The Timothy Plan Conservative Growth Fund seeks to generate moderate levels of long-term capital growth with a secondary objective of current income. The Fund seeks to achieve its investment objective by normally investing at least 75% of its net assets in the following Funds which are other series of the Trust: approximately 0-10% of its net assets in the Timothy Plan Small Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Value Fund; approximately 0-15% of its net assets in the Timothy Plan Large/Mid Cap Growth Fund; approximately 0-5%
96
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
of its net assets in the Timothy Plan Aggressive Growth Fund; approximately 5-15% of its net assets in the Timothy Plan High Yield Bond Fund; approximately 0-20% of its net assets in the Timothy Plan International Fund; approximately 20%-40% of its net assets in the Timothy Plan Fixed Income Fund; approximately 5-30% of its net assets in the Timothy Plan Defensive Strategies Fund; approximately 0-10% of its net assets in the Timothy Plan Israel Common Values Fund; approximately 0-30% of its net assets in the Timothy Plan U.S. Large/Mid Cap Core ETF; approximately 0-25% of its net assets in the Timothy Plan High Dividend Stock ETF; approximately 0-25% of its net assets in the Timothy Plan International ETF; and approximately 0-15% of its net assets in the Timothy Plan Small Cap Core ETF.
The Timothy Plan Growth & Income Funds investment objective is to provide total return through a combination of growth and income and preservation of capital in declining markets. To achieve its goals, the Fund primarily invests in equity securities of foreign and domestic companies that the Advisor believes are undervalued, and in fixed income securities. The Fund will normally hold both equity securities and fixed income securities, with at least 25% of its assets in equity securities and at least 25% of its assets in fixed income securities.
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP) for investment companies. The Funds are an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services Investment Companies.
A. | SECURITY VALUATION AND FAIR VALUE MEASUREMENTS |
All investments in securities are recorded at their estimated fair value as described in Note 2.
B. | INVESTMENT INCOME AND SECURITIES TRANSACTIONS |
Security transactions are accounted for on the date the securities are purchased or sold (trade date). The costing method for the Timothy Plan Funds is specific identification. Dividend income is recognized on the ex-dividend date. Interest income and expenses are recognized on an accrual basis. The Timothy Plan Aggressive Growth Fund, Large/Mid Cap Value Fund, Israel Common Values Fund, Small Cap Value Fund and Defensive Strategies Fund have made certain investments in REITs. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Funds investments in REITS are reported to the Funds after the end of the calendar year; accordingly, the Funds estimate these amounts for accounting purposes until the characterization of REIT distributions is reported to the Funds after the end of the calendar year. Estimates are based on the most recent REIT distribution information available. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region.
C. | FOREIGN TAXES |
The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.
D. | FOREIGN CURRENCY |
Investment securities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
E. | GOLD RISK FACTORS |
There is a risk that some or all of the Trusts gold bars held by the custodian or any sub-custodian on behalf of the Trust could be lost, damaged or stolen. Access to the Trusts gold bars could be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the fund shares.
Several factors may affect the price of gold, including but not limited to:
· | Global or regional political, economic or financial events and situations; |
· | Investors expectations with respect to the rate of inflation; |
· | Currency exchange rates; |
· | Interest rates; and |
· | Investment and trading activities of hedge funds and commodity funds. |
97
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
F. | NET ASSET VALUE PER SHARE |
The Net Asset Value (NAV) per share of the capital stock of the Funds is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding. The NAV is calculated separately for each class of each Fund in the Trust. The net asset value of the classes may differ because of different fees and expenses charged to each class.
G. | EXPENSES |
Expenses incurred by the Trust that do not relate to a specific Fund of the Trust are allocated to the individual Funds based on each Funds relative net assets or another appropriate basis as determined by the Board of Trustees (the Board).
H. | CLASSES |
There are three classes of shares currently offered by all Funds in the Trust, except Strategic Growth Fund and Conservative Growth Fund: Class A shares are offered with a front-end sales charge and ongoing service/distribution fees; Class C shares are offered with a contingent deferred sales charge (CDSC) that ends after the first year and ongoing service and distribution fees; Class I shares, which commenced operations on August 1, 2013, are offered without any sales charges or ongoing service distribution fees.
Class specific expenses are borne by each specific class. Income, expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.
I. | USE OF ESTIMATES |
In the preparation of financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the year ended. Actual results could differ from those estimates.
J. | FEDERAL INCOME TAXES |
It is the policy of each Fund to continue to comply with all requirements under subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income or gains. Therefore, no federal income tax or excise provision is required.
As of March 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended March 31, 2022, the Funds did not incur any interest or penalties. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially within the next twelve months.
K. | INDEMNIFICATION |
The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
L. | DISTRIBUTIONS TO SHAREHOLDERS |
Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or Net Asset Values (NAVs) per share of the Funds.
Permanent book and tax differences, primarily attributable to the book/tax treatment of net operating losses, the adjustments for equalization debits, and the reclassification of Fund distributions resulted in reclassifications for the Funds for the fiscal year ended September 30, 2021, as follows:
98
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Accumulated | ||||||||||
Fund | Paid In Capital | Earnings (Losses) | ||||||||
Aggressive Growth Fund |
$ | 668,260 | $ | (668,260 | ) | |||||
International Fund |
10,555 | (10,555 | ) | |||||||
Large/Mid Cap Growth Fund |
201,147 | (201,147 | ) | |||||||
Small Cap Value Fund |
873,410 | (873,410 | ) | |||||||
Large/Mid Cap Value Fund |
705,356 | (705,356 | ) | |||||||
Fixed Income Fund |
- | - | ||||||||
High Yield Bond Fund |
128,597 | (128,597 | ) | |||||||
Israel Common Values Fund |
(815,379 | ) | 815,379 | |||||||
Defensive Strategies Fund |
4,550 | (4,550 | ) | |||||||
Strategic Growth Fund |
158,440 | (158,440 | ) | |||||||
Conservative Growth Fund |
190,284 | (190,284 | ) | |||||||
Growth & Income Fund |
4,356 | (4,356 | ) |
M. | SUB-CUSTODIAN |
Effective May 22, 2015, the Timothy Plan Family of Funds entered into a precious metals storage agreement with Brinks Global Services U.S.A., Inc. to maintain the custody of the gold held in the Timothy Plan Defensive Strategies Fund.
Note 2 | Security Valuation and Fair Value Measurements
The Funds securities are valued at fair value. Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
VALUATION OF FUND OF FUNDS
A Fund may invest in portfolios of open-end or closed-end investment companies (the Underlying Funds). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the Board of Trustees of the Underlying Funds.
Open-ended funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.
EXCHANGE TRADED FUNDS
The Funds may invest in exchange traded funds (ETFs). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively traded or represent a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Each ETF is subject to specific risks, depending on the nature of the ETF. Additionally, ETFs have fees and expenses that reduce their value.
OPTIONS TRANSACTIONS The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.
Each Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) has an absolute or immediate right to acquire that security without additional cash consideration or exchange of other securities held in its portfolio.
When the Funds write a call option, an amount equal to the premium received is included in the statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Funds enter into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Funds have no control over whether the option will be exercised and, as a result, retain the market risk of an unfavorable change in the price of the security underlying the written option.
99
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
The Funds may purchase put and call options. Call options are purchased to hedge against an increase in the value of securities held in a Funds portfolio. If such an increase occurs, the call options will permit the Fund to purchase the securities underlying such options at the exercise price, not at the current market price. Put options are purchased to hedge against a decline in the value of securities held in a Funds portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty credit risk to the Funds since these options are exchange traded and the exchanges clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.
There were no options held at March 31, 2022, and there were no options transactions for the six months ended March 31, 2022.
The Trust utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
●Level 1 Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
●Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
●Level 3 Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Each Fund generally determines the total value of each class of its shares by using market prices for the securities comprising its portfolio. Equity securities, including common stock, preferred stock, ADRs, REITs, LPs, LLCs, PLCs, GDRs and NVDRs are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. Securities including ETFs, that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Equity securities traded on inactive markets or valued by reference to similar instruments are categorized as a Level 2. When market quotations are not readily available, when the Advisor or Sub-Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review by the Board. These securities will generally be categorized as Level 3 securities. Foreign investments are not fair valued using fair value triggers.
Investments in alternative investments, such as gold bars, are valued at the spot rate at 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Fixed income securities such as corporate bonds, convertible bonds, government mortgage-backed securities, government notes and bonds, U.S. government agency securities and treasury inflation protected securities, when valued using market quotations in an active market, will be categorized as Level 1 securities. However, they may be valued on the basis of prices furnished by a pricing service when the Advisor or Sub-Advisor believes such prices more accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. These securities will generally be categorized as Level 2 securities. If the Advisor or Sub-Advisor decides that a price provided by the pricing service does not accurately reflect the fair value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Advisor or Sub-Advisor, in conformity with guidelines adopted by and subject to review of the Board. These securities will be categorized as Level 3 securities.
Short-term investments in fixed income securities (those with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity) may be valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
The Board has delegated to the Advisor and/or Sub-Advisors responsibility for determining the value of Fund portfolio securities under certain circumstances. Under such circumstances, the Advisor or Sub-Advisor will use its best efforts to arrive at the fair value of a security held by the Fund under all reasonably ascertainable facts and circumstances. The Advisor must prepare a report for the Board not less than quarterly containing a complete listing of any securities for which fair value pricing was employed and detailing the specific reasons for such fair value pricing. The Board has adopted written policies and procedures to guide the Advisor and Sub-Advisors with respect to the circumstances under which, and the methods to be used, in fair valuing securities.
100
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
The following is a summary of the inputs used to value each Funds investments as of March 31, 2022: |
| |||||||||||||||
Aggressive Growth Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 42,518,055 | $ | - | $ | - | $ | 42,518,055 | ||||||||
Money Market Fund |
3,761,786 | - | - | 3,761,786 | ||||||||||||
Total |
$ | 46,279,841 | $ | - | $ | - | $ | 46,279,841 | ||||||||
International Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock |
$ | 130,245,307 | $ | 289,642 | $ | - | $ | 130,534,949 | ||||||||
Money Market Fund |
6,459,304 | - | - | 6,459,304 | ||||||||||||
Total |
$ | 136,704,611 | $ | 289,642 | $ | - | $ | 136,994,253 | ||||||||
Large/Mid Cap Growth Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock |
$ | 112,380,449 | $ | - | $ | - | $ | 112,380,449 | ||||||||
Exchange Traded Funds |
26,200,101 | - | - | 26,200,101 | ||||||||||||
Money Market Fund |
6,655,107 | - | - | 6,655,107 | ||||||||||||
Total |
$ | 145,235,657 | $ | - | $ | - | $ | 145,235,657 | ||||||||
Small Cap Value Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock |
$ | 143,379,141 | $ | - | $ | - | $ | 143,379,141 | ||||||||
Exchange Traded Fund |
19,124,166 | - | - | 19,124,166 | ||||||||||||
Money Market Fund |
1,459,746 | - | - | 1,459,746 | ||||||||||||
Total |
$ | 163,963,053 | $ | - | $ | - | $ | 163,963,053 | ||||||||
Large/Mid Cap Value Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock |
$ | 210,012,852 | $ | - | $ | - | $ | 210,012,852 | ||||||||
Exchange Traded Funds |
63,697,915 | - | - | 63,697,915 | ||||||||||||
Money Market Fund |
8,731,881 | - | - | 8,731,881 | ||||||||||||
Total |
$ | 282,442,648 | $ | - | $ | - | $ | 282,442,648 | ||||||||
Fixed Income Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds |
$ | - | $ | 27,988,747 | $ | - | $ | 27,988,747 | ||||||||
Non U.S. Government & Agencies |
- | 3,949,807 | - | 3,949,807 | ||||||||||||
U.S. Government & Agencies |
- | 96,404,334 | - | 96,404,334 | ||||||||||||
Money Market Fund |
2,049,591 | - | - | 2,049,591 | ||||||||||||
Total |
$ | 2,049,591 | $ | 128,342,888 | $ | - | $ | 130,392,479 | ||||||||
High Yield Bond Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds |
$ | - | $ | 133,534,831 | $ | - | 133,534,831 | |||||||||
Convertible Bonds |
- | 3,059,875 | - | 3,059,875 | ||||||||||||
Preferred Stock |
6,445 | - | - | 6,445 | ||||||||||||
Money Market Fund |
1,090,562 | - | - | 1,090,562 | ||||||||||||
Total |
$ | 1,097,007 | $ | 136,594,706 | $ | - | $ | 137,691,713 |
101
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Israel Common Values Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock |
$ | 130,100,661 | $ | - | $ | - | $ | 130,100,661 | ||||||||
Money Market Fund |
7,477,469 | - | - | 7,477,469 | ||||||||||||
Total |
$ | 137,578,130 | $ | - | $ | - | $ | 137,578,130 | ||||||||
Defensive Strategies Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock |
$ | 33,146,220 | $ | - | $ | - | $ | 33,146,220 | ||||||||
Exchange Traded Fund |
1,492,640 | - | - | 1,492,640 | ||||||||||||
Treasury Inflation Protected Securities (TIPS) |
- | 20,218,558 | - | 20,218,558 | ||||||||||||
Closed End Fund |
3,771,100 | - | - | 3,771,100 | ||||||||||||
Alternative Investments |
11,900,314 | - | - | 11,900,314 | ||||||||||||
Money Market Fund |
5,157,393 | - | - | 5,157,393 | ||||||||||||
Total |
$ | 55,467,667 | $ | 20,218,558 | $ | - | $ | 75,686,225 | ||||||||
Strategic Growth Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds |
$ | 21,922,165 | $ | - | $ | - | $ | 21,922,165 | ||||||||
Mutual Funds |
15,686,419 | - | - | 15,686,419 | ||||||||||||
Money Market Fund |
1,223,258 | - | - | 1,223,258 | ||||||||||||
Total |
$ | 38,831,842 | $ | - | $ | - | $ | 38,831,842 | ||||||||
Conservative Growth Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Exchange Traded Funds |
$ | 19,251,398 | $ | - | $ | - | $ | 19,251,398 | ||||||||
Mutual Funds |
28,262,806 | - | - | 28,262,806 | ||||||||||||
Money Market Fund |
1,980,436 | - | - | 1,980,436 | ||||||||||||
Total |
$ | 49,494,640 | $ | - | $ | - | $ | 49,494,640 | ||||||||
Growth & Income Fund
|
||||||||||||||||
Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds |
$ | - | $ | 1,345,028 | $ | - | $ | 1,345,028 | ||||||||
Non U.S. Government & Agencies |
- | 209,571 | - | 209,571 | ||||||||||||
U.S. Government & Agencies |
- | 5,502,694 | - | 5,502,694 | ||||||||||||
Exchange Traded Funds |
12,693,528 | - | - | 12,693,528 | ||||||||||||
Money Market Fund |
82,999 | - | - | 82,999 | ||||||||||||
Total |
$ | 12,776,527 | $ | 7,057,293 | $ | - | $ | 19,833,820 |
Refer to the Schedules of Investments for industry classifications.
The Funds did not hold any Level 3 securities during the period presented.
Note 3 | Purchases and Sales of Securities
The following is a summary of the cost of purchases and proceeds from the sale of securities, other than short-term investments, for the six months ended March 31, 2022:
Purchases | Sales | |||||||||||||||||
Fund | U.S.
Govt Obligations |
Other | U.S.
Govt Obligations |
Other | ||||||||||||||
Aggressive Growth |
$ | - | $12,316,263 | $ | - | $ | 16,516,934 | |||||||||||
International |
- | 16,877,751 | - | 5,343,708 | ||||||||||||||
Large/Mid Cap Growth * |
- | 31,435,729 | - | 22,965,496 | ||||||||||||||
Small Cap Value * |
- | 35,642,626 | - | 37,974,353 | ||||||||||||||
Large/Mid Cap Value * |
- | 80,939,296 | - | 64,773,988 | ||||||||||||||
Fixed Income |
67,597,339 | - | 48,705,053 | 5,496,989 | ||||||||||||||
High Yield Bond |
- | 33,603,383 | - | 19,443,812 | ||||||||||||||
Israel Common Values |
- | 12,455,540 | - | 3,339,904 | ||||||||||||||
Defensive Strategies |
- | 17,429,526 | - | 3,454,150 | ||||||||||||||
Strategic Growth * |
- | 9,159,956 | - | 10,670,009 | ||||||||||||||
Conservative Growth * |
- | 9,074,809 | - | 10,605,161 | ||||||||||||||
Growth & Income * |
5,371,347 | 5,043,675 | 3,217,832 | 6,533,130 |
* The security transactions are inclusive of purchases and sales of affiliated funds.
102
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 4 | Investment Advisory Agreement and Transactions with Service Providers
Timothy Partners, Ltd., (TPL) is the investment advisor for the Funds pursuant to an investment advisory agreement (the Agreement) that was renewed by the Board on February 25-26, 2021. TPL supervises the investment of the assets of each Fund in accordance with the objectives, policies and restrictions of the Trust. Under the terms of the Agreement, as amended, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Timothy Plan International Fund and Timothy Plan Israel Common Values Fund; 0.85% of the average daily net assets of the Timothy Plan Aggressive Growth, the Timothy Plan Small Cap Value, the Timothy Plan Large/Mid Cap Growth, the Timothy Plan Growth & Income and the Timothy Plan Large/Mid Cap Value Funds; 0.60% of the average daily net assets of the Timothy Plan Fixed Income, the Timothy Plan High Yield Bond, and the Timothy Plan Defensive Strategies Funds; and 0.65% of the average daily net assets of the Timothy Plan Conservative Growth and the Timothy Plan Strategic Growth Funds. TPL has voluntarily agreed to reduce the fee it receives from the International Fund to 0.95%; from the Large/Mid Cap Growth Fund, the Small Cap Value Fund and the Large/Mid Cap Value Fund to 0.80%; from the Aggressive Growth Fund to 0.75%; from the High Yield Bond Fund and the Defensive Strategies Fund to 0.55%; from the Growth & Income Fund to 0.70%; and from the Fixed Income Fund to 0.40%. From January 1, 2022 through March 31, 2022 TPL voluntarily reduced the fee it receives from the High Yield Bond Fund to 0.50%. Such voluntary fee reductions/reimbursements may be authorized by TPL at any time, but such action shall not obligate TPL to waive any fees in the near future. Such voluntary fee reductions/reimbursements are not subject to future recoupment. An officer and trustees of the Funds is also an officer and owner of the Advisor.
For the six months ended March 31, 2022, TPL waived advisory fees for the Funds as follows:
Fund | Six Months Ended March 31, 2022 |
|||||
Aggressive Growth Fund |
$ | 25,645 | ||||
International Fund |
34,329 | |||||
Large/Mid Cap Growth Fund |
35,579 | |||||
Small Cap Value Fund |
43,113 | |||||
Large/Mid Cap Value Fund |
68,341 | |||||
Fixed Income Fund |
125,685 | |||||
High Yield Bond Fund |
54,638 | |||||
Defensive Strategies Fund |
16,470 | |||||
Growth & Income Fund |
14,604 |
The Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund and the Growth & Income Fund invested a portion of assets in the Timothy Plan High Dividend Stock Enhanced ETF, the Timothy Plan High Dividend Stock ETF, the Timothy Plan US Large/Mid Cap Core Enhanced ETF, the Timothy Plan US Large/Mid Cap Core ETF and the Timothy Plan US Small Cap Core ETF. The Adviser has agreed to waive its advisory fee on the portion of the Small Cap Value Fund, the Large/Mid Cap Growth Fund, the Large/Mid Cap Value Fund and the Growth & Income Fund assets that are invested in the ETFs. For the six months ended March 31, 2022, the Funds waived fees as follows pursuant to that arrangement.
Fund | Six Months Ended March 31, 2022 |
|||||
Large/Mid Cap Growth Fund |
104,639 | |||||
Small Cap Value Fund |
76,906 | |||||
Large/Mid Cap Value Fund |
248,591 | |||||
Growth & Income Fund |
43,800 |
TPL, with the prior approval of the Board and shareholders of the applicable Fund, has engaged the services of other investment advisory firms (Investment Managers) to provide portfolio management services to the Funds. TPL pay the Investment Managers as follows:
Barrow Hanley
As compensation for its services with respect to the Fixed-Income Fund and High Yield Bond Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375% of 1% of the first $20,000 in the average net assets of each Fund. As compensation for its services with respect to the Defensive Strategies Fund, Barrow Hanley receives from TPL an annual fee at a rate equal to 0.15% of the average net assets in the Debt Instrument Allocation of the Fund. As compensation for its services with respect to the Growth and Income Fund , Barrow Hanley receives from TPL an annual fee at a rate equal to 0.375 of 1% of the first $20,000,00 of the average net assets in the fixed income allocation of the Fund.
Chartwell
As compensation for its services, Chartwell receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.
Chilton
For its services rendered to the DS Fund, Adviser will pay to Investment Manager a fee at an annual rate equal to 0.42% of the Defensive Strategies Funds average daily assets allocated to the REIT sleeve of the Defensive Strategies Funds investment portfolio (Allocated Assets) up to $10 million, 0.39% for the next $10 million in Allocated Assets, 0.35% for the next $30 million in Allocated Assets, and 0.30% of Allocated Assets over $50 million.
CoreCommodity
As compensation for its services to the Fund, CORE receives from TPL an annual fee at a rate equal to 0.40% of the Funds average daily assets up to $25 million, and 0.35% of average daily net assets over $25 million.
103
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Eagle
As compensation for its services, Eagle receives from TPL an annual fee at a rate equal to 0.60% of the first $100 million in assets of the Fund; and 0.50% of assets over $100 million.
Westwood
As compensation for its services, Westwood receives from TPL an annual fee at a rate equal to 0.42% of the first $10 million in assets of each Fund; 0.40% of the next $5 million in assets; 0.35% of the next $10 million in assets; and 0.25% of assets over $25 million.
Ultimus Fund Services, LLC (UFS) provides administrative, fund accounting, and transfer agency services to the Funds pursuant to agreements with the Trust, for which it receives from each Fund: (i) basis points in decreasing amounts as assets reach certain breakpoints; and (ii) any related out-of-pocket expenses. Fees are billed monthly as follows:
Fund Accounting and Fund Administration Fees:
Fund Complex Base annual fee:
25 basis points (0.25%) on the first $200 million of net assets
15 basis points (0.15%) on the next $200 million of net assets;
8 basis points (0.08%) on the next $600 million of net assets; and
6 basis points (0.06%) on net assets greater than $1 billion.
Transfer agency fees for the Funds are combined with the Fund Accounting and Fund Administration fees under the Trusts agreement with UFS. Therefore, there is no separate base annual fee per Fund or share class.
The Timothy Plan Aggressive Growth, Timothy Plan International, Timothy Plan Large/Mid Cap Growth, Timothy Plan Small Cap Value, Timothy Plan Large/Mid Cap Value, Timothy Plan Fixed Income, Timothy Plan High Yield Bond, Timothy Plan Defensive Strategies, Timothy Plan Israel Common Values and Timothy Plan Growth & Income Funds have adopted shareholder services plans (the Plans) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Under the Class A Plan, the Funds will pay TPL a fee at an annual rate of 0.25%, payable monthly, of the average daily net assets attributable to such class of shares. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 1.00%, payable monthly, of which, 0.25% may be a service fee and 0.75% may be payable to outside broker/dealers, of the average daily net assets attributable to such class of shares. Class I shares are not subject to the shareholder services plan.
The Timothy Plan Conservative Growth and Timothy Plan Strategic Growth Funds have adopted shareholder services plans (the Plans) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The Plans provide that the Funds will pay TPL or others for expenses that relate to the promotion or distribution of shares. Class A shares of the Funds do not impose a service fee. Under the Class C Plan, the Funds will pay TPL a fee at an annual rate of 0.75%, payable monthly to outside broker/dealers, of the average daily net assets attributable to such class of shares.
For the six months March 31, 2022, the Funds paid TPL under the terms of the Plans as follows:
Fund | 12b-1 Fees | |||||
Six Months Ended | ||||||
March 31, 2022 | ||||||
Aggressive Growth |
$ | 60,898 | ||||
International |
85,069 | |||||
Large/Mid Cap Growth |
184,721 | |||||
Small Cap Value |
172,220 | |||||
Large/Mid Cap Value |
296,737 | |||||
Fixed Income |
171,726 | |||||
High Yield Bond |
114,487 | |||||
Israel Common Values |
148,129 | |||||
Defensive Strategies |
74,467 | |||||
Strategic Growth |
11,536 | |||||
Conservative Growth |
20,302 | |||||
Growth & Income |
29,118 |
TPL also serves as the principal underwriter of the Funds shares. An officer and trustees of the Funds are also officers of the principal underwriter. For the six months ended March 31, 2022, TPL received sales charges deducted from the proceeds of sales of Class A capital shares and CDSC fees deducted from the redemption of Class C capital shares as follows:
104
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Fund | Sales Charges (Class A) |
CDSC Fees (Class C) |
||||||
Aggressive Growth |
$10,777 | $223 | ||||||
International |
11,148 | 76 | ||||||
Large/Mid Cap Growth |
32,985 | 170 | ||||||
Small Cap Value |
15,083 | 309 | ||||||
Large/Mid Cap Value |
31,548 | 1,389 | ||||||
Fixed Income |
24,641 | 2,451 | ||||||
High Yield Bond |
18,900 | 256 | ||||||
Israel Common Values |
15,284 | 1,949 | ||||||
Defensive Strategies |
12,825 | 50 | ||||||
Strategic Growth |
5,216 | 188 | ||||||
Conservative Growth |
11,565 | 366 | ||||||
Growth & Income |
4,724 | 59 |
Note 5 | Control Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates the presumption of control of the Fund under Section 2(a) 9 of the Investment Company Act of 1940. At March 31, 2022, there were no shareholders with ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund.
Certain Timothy Plan Funds own shares of other Timothy Plan Funds. U.S. Bank, N.A., custodian of the Timothy Plan Funds, holds these shares in omnibus accounts, some of which are controlled by National Financial Services, Inc. The following shows the percentage of each Timothy Plan Fund that is held by U.S. Bank, N.A., as custodian of the Timothy Plan Funds. These accounts can be considered affiliated to the Timothy Plan.
Fund - Class A | % of Fund Owned by Other Timothy Plan Funds |
|||
International |
13.86% | |||
Fixed Income |
36.68% | |||
High Yield Bond |
9.26% | |||
Defensive Strategies |
19.18% |
Note 6 | Underlying Investment in Other Investment Companies
The Conservative Growth Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan Fixed Income Fund (the Security). The Fund may redeem its investments from the Security at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of the Fund will be directly affected by the performance of the Security. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the Securitys N-CSRs available at www.sec.gov. As of March 31, 2022, 38.1% of the Conservative Growth Funds net assets were invested in the Timothy Plan Fixed Income Fund.
The Growth & Income Fund currently seeks to achieve its investment objectives by investing a portion of its assets in the Timothy Plan High Dividend Stock Enhanced ETF (the ETF). The Fund may redeem its investments from the ETF at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.
The performance of the Fund will be directly affected by the performance of the ETF. The annual report of the ETF, along with the report of the independent registered public accounting firm is included in the Securitys N-CSRs available at www.sec.gov. As of March 31, 2022, 39.8% of the Growth & Income Funds net assets were invested in the Timothy Plan High Dividend Stock ETF.
Note 7 | Investments in Affiliated Companies
The Funds transactions with affiliates represent holdings for which the respective Fund and the underlying investee fund have the same investment advisor or where the investee funds investment advisor is under common control with the Funds investment advisor.
The Timothy Plan Large/Mid Cap Growth Fund, Small Cap Value Fund, Large/Mid Cap Value Fund, Strategic Growth Fund, Conservative Growth Fund and Growth & Income Fund had the following transactions during the six months ended March 31, 2022, with affiliates:
Large/Mid Cap Growth | Six Months Ended March 31, 2022 |
|||||||||||||||||||||||||||
Fund | Fair Value September 30, 2021 |
Purchases | Sales | Dividends Credited to Income |
Amount of Gain (Loss) Realized on Sale of Shares |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value March 31, 2022 |
|||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF |
$ | 1,885,976 | $ | 14,942,550 | $ | - | $ | 59,020 | $ | - | $ | (272,120 | ) | $ | 16,556,406 | |||||||||||||
Timothy Plan US Large/Mid Cap Core ETF |
23,152,773 | - | 14,877,924 | 45,583 | 4,843,924 | (3,475,078) | 9,643,695 | |||||||||||||||||||||
Total |
$ | 25,038,749 | $ | 104,603 | $ | 4,843,924 | $ | (3,747,198 | ) | $ | 26,200,101 |
105
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Small Cap Value |
Six Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
Fund | Fair Value 2021 |
Purchases | Sales | Dividends Credited to Income |
Amount of Gain (Loss) Realized on Sale of Shares |
Net Change in |
Fair Value March 31, 2022 |
|||||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | $ | 19,173,988 | $ | - | $ | - | $ | 101,735 | $ | - | $ | (49,822 | ) | $ | 19,124,166 | |||||||||||||||
Large/Mid Cap Value | Six Months Ended March 31, 2022 |
|||||||||||||||||||||||||||||
Fund | Fair Value September 30, 2021 |
Purchases | Sales | Dividends Credited to Income |
Amount of Gain (Loss) Realized on |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value March 31, 2022 |
|||||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | $ | 802,943 | $ | 13,967,100 | $ | - | $ | 143,560 | $ | - | $ | 906,320 | $ | 15,676,363 | ||||||||||||||||
Timothy Plan High Dividend Stock ETF | 26,150,161 | - | 14,006,179 | 164,553 | 2,762,929 | (295,561 | ) | 14,611,350 | ||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | 1,885,976 | 15,991,150 | - | 62,592 | - | (297,140 | ) | 17,579,986 | ||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 30,116,013 | - | 15,993,768 | 69,231 | 5,207,218 | (3,499,247 | ) | 15,830,216 | ||||||||||||||||||||||
Total | $ | 58,955,093 | $ | 439,936 | $ | 7,970,147 | $ | (3,185,628 | ) | $ | 63,697,915 | |||||||||||||||||||
Strategic Growth | Six Months Ended March 31, 2022 |
|||||||||||||||||||||||||||||
Fund | Fair Value September 30, 2021 |
Purchases | Sales | Dividends Credited to Income |
Amount of Gain (Loss) Realized on |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value March 31, 2022 |
|||||||||||||||||||||||
Aggressive Growth | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
International | $ | 4,026,138 | $ | 261,873 | $ | 927,647 | $ | 14,971 | $ | 276,995 | $ | (555,907 | ) | $ | 3,081,452 | |||||||||||||||
Fixed Income | 7,781,458 | 758,947 | 1,376,146 | 33,322 | 34,263 | (471,505 | ) | 6,727,017 | ||||||||||||||||||||||
High Yield Bond | 2,119,374 | 641,677 | 267,007 | 57,971 | 25,200 | (179,446 | ) | 2,339,798 | ||||||||||||||||||||||
Defensive Strategies | 2,884,121 | 842,343 | 494,360 | 19,277 | 120,205 | 185,843 | 3,538,152 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | 1,194,681 | 2,320,373 | 398,869 | 35,343 | 14,354 | 264,803 | 3,395,342 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock ETF | 1,788,261 | - | 1,899,643 | 3,918 | 428,172 | (316,790 | ) | - | ||||||||||||||||||||||
Timothy Plan International ETF | 9,157,507 | 46,156 | 454,299 | 82,681 | 52,141 | (514,914 | ) | 8,286,591 | ||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | 3,007,765 | 4,288,588 | 509,140 | 26,815 | 7,822 | 38,359 | 6,833,394 | |||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 3,793,886 | - | 4,053,082 | 2,690 | 1,319,873 | (1,060,677 | ) | - | ||||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | 3,696,976 | - | 289,816 | 19,060 | 81,230 | (81,552 | ) | 3,406,838 | ||||||||||||||||||||||
Total | $ | 39,450,167 | $ | 296,048 | $ | 2,360,255 | $ | (2,691,786 | ) | $ | 37,608,584 | |||||||||||||||||||
Conservative Growth | Six Months Ended March 31, 2022 |
|||||||||||||||||||||||||||||
Fund | Fair Value 2021 |
Purchases | Sales | Dividends Credited to Income |
Amount of Gain (Loss) Realized on Sale of Shares* |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value March 31, 2022 |
|||||||||||||||||||||||
International | $ | 3,326,366 | $ | 248,432 | $ | 633,360 | $ | 12,946 | $ | 161,724 | $ | (406,738 | ) | $ | 2,696,424 | |||||||||||||||
Fixed Income | 21,117,696 | 950,017 | 1,985,074 | 93,281 | (28,238 | ) | (1,218,635 | ) | 18,835,766 | |||||||||||||||||||||
High Yield Bond | 2,963,127 | 603,962 | 123,352 | 79,409 | 11,714 | (228,593 | ) | 3,226,858 | ||||||||||||||||||||||
Defensive Strategies | 3,142,415 | 462,296 | 420,705 | 18,859 | 107,711 | 212,041 | 3,503,758 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | 759,146 | 1,598,220 | 262,496 | 23,740 | 10,913 | 183,021 | 2,288,804 | |||||||||||||||||||||||
Timothy Plan High Dividend Stock ETF | 1,014,128 | - | 1,077,293 | 2,222 | 309,995 | (246,830 | ) | - | ||||||||||||||||||||||
Timothy Plan International ETF | 7,084,554 | 164,793 | 787,677 | 61,826 | 97,065 | (425,835 | ) | 6,132,900 | ||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core Enhanced ETF | 3,044,505 | 5,047,089 | 691,384 | 28,967 | 14,350 | 41,862 | 7,456,422 | |||||||||||||||||||||||
Timothy Plan US Large/Mid Cap Core ETF | 4,063,782 | - | 4,341,415 | 2,881 | 1,489,567 | (1,211,934 | ) | - | ||||||||||||||||||||||
Timothy Plan US Small Cap Core ETF | 3,653,736 | - | 282,405 | 18,791 | 80,928 | (78,987 | ) | 3,373,272 | ||||||||||||||||||||||
Total | $ | 50,169,455 | $ | 342,922 | $ | 2,255,729 | $ | (3,380,628 | ) | $ | 47,514,204 | |||||||||||||||||||
Growth & Income | Six Months Ended March 31, 2022 |
|||||||||||||||||||||||||||||
Fund | Fair Value September 30, 2021 |
Purchases | Sales | Dividends Credited to Income |
Amount of Gain (Loss) Realized on Sale of Shares |
Net Change in Unrealized Appreciation (Depreciation) |
Fair Value March 31, 2022 |
|||||||||||||||||||||||
Timothy Plan High Dividend Stock Enhanced ETF | $ | 2,433,160 | $ | 5,043,675 | $ | - | $ | 77,783 | $ | - | $ | 593,893 | $ | 8,070,728 | ||||||||||||||||
Timothy Plan High Dividend Stock ETF | 9,434,568 | - | 5,677,772 | 57,162 | 1,130,502 | (264,498 | ) | 4,622,800 | ||||||||||||||||||||||
Total | $ | 11,867,728 | $ | 134,945 | $ | 1,130,502 | $ | 329,395 | $ | 12,693,528 |
106
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 8 | Aggregate Unrealized Appreciation and Depreciation
The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at March 31, 2022, were as follows:
Fund | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized |
||||||||||||||
Aggressive Growth |
$ | 35,976,513 | $ | 11,172,337 | $ | (869,009) | $ | 10,303,328 | ||||||||||
International |
109,910,154 | 31,478,880 | (4,394,781) | 27,084,099 | ||||||||||||||
Large/M id Cap Growth |
103,662,969 | 44,566,473 | (2,993,785) | 41,572,688 | ||||||||||||||
Small Cap Value |
152,162,372 | 21,994,070 | (10,193,389) | 11,800,681 | ||||||||||||||
Large/M id Cap Value |
215,254,725 | 72,708,665 | (5,520,742) | 67,187,923 | ||||||||||||||
Fixed Income |
130,531,889 | 257,676 | (6,250,722) | (5,993,046) | ||||||||||||||
High Yield Bond |
143,684,958 | 1,430,832 | (7,424,077) | (5,993,245) | ||||||||||||||
Israel Common Values |
73,873,076 | 67,359,513 | (3,654,459) | 63,705,054 | ||||||||||||||
Defensive Strategies |
63,988,752 | 13,053,563 | (1,356,090) | 11,697,473 | ||||||||||||||
Strategic Growth |
36,583,973 | 2,853,300 | (605,431) | 2,247,869 | ||||||||||||||
Conservative Growth |
48,047,060 | 2,785,288 | (1,337,708) | 1,447,580 | ||||||||||||||
Growth & Income |
18,368,325 | 1,802,561 | (337,066) | 1,465,495 |
Note 9 | Distributions to Shareholders and Tax Components of Capital
The tax character of distributions paid during the fiscal year ended September 30, 2021 and the fiscal year ended September 30, 2020 were as follows:
Aggressive Growth |
International * | Large/Mid Cap Growth | Small Cap Value | |||||||||||||||
Year ended September 30, 2021 |
||||||||||||||||||
Ordinary Income |
$ | - | $ | 322,810 | $ | - | $ | 381,400 | ||||||||||
Long-term Capital Gains |
2,250,728 | - | 1,972,013 | - | ||||||||||||||
$ | 2,250,728 | $ | 322,810 | $ | 1,972,013 | $ | 381,400 | |||||||||||
Year ended September 30, 2020 |
||||||||||||||||||
Ordinary Income |
$ | - | $ | 719,040 | $ | - | $ | 401,399 | ||||||||||
Long-term Capital Gains |
- | - | 3,719,674 | 5,136,073 | ||||||||||||||
Return of Capital |
- | 426 | - | - | ||||||||||||||
$ | - | $ | 719,466 | $ | 3,719,674 | $ | 5,537,472 | |||||||||||
Large/Mid Cap Value |
Fixed Income | High Yield Bond | Israel Common Values* | Defensive Strategies | ||||||||||||||||||
Year ended September 30, 2021 |
||||||||||||||||||||||
Ordinary Income |
$ | 4,829,716 | $ | 1,398,718 | $ | 4,521,889 | $ | - | $ | - | ||||||||||||
Long-term Capital Gains |
2,241,234 | - | - | - | - | |||||||||||||||||
$ | 7,070,950 | $ | 1,398,718 | $ | 4,521,889 | $ | - | $ | - | |||||||||||||
Year ended September 30, 2020 |
||||||||||||||||||||||
Ordinary Income |
$ | 980,213 | $ | 1,408,178 | $ | 3,368,743 | $ | 876,698 | $ | 538,485 | ||||||||||||
Long-term Capital Gains |
23,456,393 | - | - | 3,222 | 586,619 | |||||||||||||||||
Return of Capital |
- | - | - | 18,224 | 4,811 | |||||||||||||||||
$ | 24,436,606 | $ | 1,408,178 | $ | 3,368,743 | $ | 898,144 | $ | 1,129,915 | |||||||||||||
Strategic Growth | Conservative Growth | Growth & Income Fund | ||||||||||||||||||||
Year ended September 30, 2021 |
||||||||||||||||||||||
Ordinary Income |
$ | 78,822 | $ | 173,742 | $ | 137,308 | ||||||||||||||||
Long-term Capital Gains |
1,207,004 | 1,068,245 | 4,742 | |||||||||||||||||||
$ | 1,285,826 | $ | 1,241,987 | $ | 142,050 | |||||||||||||||||
Year ended September 30, 2020 |
||||||||||||||||||||||
Ordinary Income |
$ | - | $ | 96,249 | $ | 186,187 | ||||||||||||||||
Long-term Capital Gains |
1,336,492 | 1,589,656 | - | |||||||||||||||||||
Return of Capital |
- | - | 1,620 | |||||||||||||||||||
$ | 1,336,492 | $ | 1,685,905 | $ | 187,807 | |||||||||||||||||
107
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
* The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $322,810 for the fiscal year ended September 30, 2021 for the International Fund, and $101,802 for fiscal year ended September 30, 2020 for Israel Common Values Fund, which has been passed through to the Funds underlying shareholders and are deemed dividends for tax purposes. Strategic Growth Fund had $21,486 of foreign taxes paid and Conservative Growth Fund had $17,056 included with distributions as well.
As of September 30, 2021, the components of distributable earnings on a tax basis were as follows:
Aggressive Growth |
International Fund |
Large/Mid Cap Growth Fund |
Small Cap Value Fund |
|||||||||||||||
Undistributed Ordinary Income |
$ | 140,857 | $ | 780,414 | $ | - | $ | 10,878,081 | ||||||||||
Long-Term Capital Gains |
3,312,762 | - | 8,186,840 | 3,320,891 | ||||||||||||||
Capital Loss Carry Forward |
- | (161,975 | ) | - | - | |||||||||||||
Unrealized Appreciation (Depreciation) |
15,217,267 | 37,135,799 | 47,016,324 | 26,064,206 | ||||||||||||||
$ | 18,670,886 | $ | 37,754,238 | $ | 55,203,164 | $ | 40,263,178 | |||||||||||
Large/Mid Cap Value Fund |
Fixed Income Fund |
High Yield Bond Fund |
Israel Common Values Fund |
|||||||||||||||
Undistributed Ordinary Income |
$ | 104,458 | $ | 14,609 | $ | 401,161 | $ | - | ||||||||||
Long-Term Capital Gains |
11,134,625 | - | - | - | ||||||||||||||
Capital Loss Carry Forward |
- | (1,097,003 | ) | - | (900,215 | ) | ||||||||||||
Unrealized Appreciation (Depreciation) |
63,193,993 | 1,947,769 | 4,093,660 | 50,468,141 | ||||||||||||||
$ | 74,433,076 | $ | 865,375 | $ | 4,494,821 | $ | 49,567,926 | |||||||||||
Defensive Strategies Fund |
Strategic Growth Fund |
Conservative Growth Fund |
Growth & Income Fund |
|||||||||||||||
Undistributed Ordinary Income |
$ | 338,983 | $ | 90,570 | $ | 67,682 | $ | - | ||||||||||
Long-Term Capital Gains |
- | 1,827,872 | 1,998,744 | 75,004 | ||||||||||||||
Capital Loss Carry Forward |
(153,204 | ) | - | - | - | |||||||||||||
Unrealized Appreciation (Depreciation) |
7,599,169 | 4,939,655 | 4,828,208 | 1,577,010 | ||||||||||||||
$ | 7,784,948 | $ | 6,858,097 | $ | 6,894,634 | $ | 1,652,014 | |||||||||||
The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gain (loss) from investments are primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and adjustments for C-Corporation return of capital distributions and perpetual bonds. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(13), $36, $(5), $(206) for the International, Defensive Strategies, Large-Mid Cap Growth, and Israel Common Values Funds, respectively.
Note 10 | Capital Loss Carryforwards, Post October and Other Losses
At September 30, 2021, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, and utilized capital loss carryforwards as follows:
Capital Loss Carry Forward | ||||||||||||||||||||
Fund | Short-Term | Long-Term | Total | Utilized | ||||||||||||||||
International Fund |
$ | 161,975 | $ | - | $ | 161,975 | $ | 3,794,230 | ||||||||||||
Small Cap Value Fund |
- | - | - | 5,073,326 | ||||||||||||||||
Fixed Income Fund |
1,097,003 | - | 1,097,003 | 138,088 | ||||||||||||||||
High Yield Bond Fund |
- | - | - | 1,097,080 | ||||||||||||||||
Israel Common Values Fund |
900,215 | - | 900,215 | - | ||||||||||||||||
Defensive Strategies Fund |
- | 153,204 | 153,204 | 1,302,749 | ||||||||||||||||
Growth & Income Fund |
- | - | - | 421,773 |
To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount, which is offset, will not be distributed to shareholders.
Note 11 | NEW REGULATORY UPDATES
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04). The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.
108
Notes to Financial Statements
March 31, 2022 (Unaudited) (Continued)
Timothy Plan Family of Funds
Note 12 | SUBSEQUENT EVENTS
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial issues were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.
Note 13 | TAX INFORMATION
The Strategic Growth and Conservative Growth Funds designate the following for federal income tax purposes for the year ended September 30, 2021:
|
Foreign Taxes paid | Foreign Source Income | ||||||||||
Strategic Growth Fund |
$ | 21,486 | $ | 191,414 | ||||||||
Conservative Growth Fund |
17,056 | 151,947 |
109
Expense Examples (Unaudited)
March 31, 2022
As a shareholder of a Fund, you incur two types of costs: direct costs, such as wire fees and low balance fees; and indirect costs, including management fees, and other Fund operating expenses. This example is intended to help you understand your indirect costs, also referred to as ongoing costs, (in dollars) of investing in each Fund, and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of October 1, 2021, through March 31, 2022.
Actual Expenses
The first line of the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading Expenses Paid During Period to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the tables provides information about hypothetical account values and hypothetical expenses based on each Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any direct costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these direct costs were included, your costs would be higher.
AGGRESSIVE GROWTH FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid
| ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through 3/31/2022 | ||||||||
Actual - Class A * |
$1,000.00 | $ 941.70 | $ 8.76 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,015.91 | $ 9.10 | |||||||
Actual - Class C * |
$1,000.00 | $ 938.40 | $12.37 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,012.17 | $12.84 | |||||||
Actual - Class I * |
$1,000.00 | $ 942.30 | $ 7.55 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,017.15 | $ 7.85 |
* | Expenses are equal to the Funds annualized expense ratio of 1.81% for Class A, 2.56% for Class C and 1.56% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Aggressive Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of -5.83% for Class A, -6.16% for Class C and -5.77% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
110
Expense Examples (Unaudited)(Continued)
March 31, 2022
INTERNATIONAL FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid
| ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $ 920.20 | $ 9.10 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,015.46 | $ 9.55 | |||||||
Actual - Class C * |
$1,000.00 | $ 912.60 | $12.64 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,011.72 | $13.29 | |||||||
Actual - Class I * |
$1,000.00 | $ 923.50 | $ 7.91 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,016.70 | $ 8.30 |
* | Expenses are equal to the Funds annualized expense ratio of 1.90% for Class A, 2.65% for Class C and 1.65% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The International Funds ending account value on the first line of each share class in the table is based on its actual total return of -7.98% for Class A, -8.74% for Class C, and -7.65% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
LARGE/MID CAP GROWTH FUND
Beginning Account
Value |
Ending Account
Value |
Expenses Paid
During Period
| ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $1,018.10 | $ 6.89 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,018.10 | $ 6.89 | |||||||
Actual - Class C * |
$1,000.00 | $1,013.90 | $10.64 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,014.36 | $10.65 | |||||||
Actual - Class I * |
$1,000.00 | $1,019.20 | $ 5.64 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,019.35 | $ 5.64 |
* | Expenses are equal to the Funds annualized expense ratio of 1.37% for Class A, 2.12% for Class C and 1.12% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of 1.81% for Class A, 1.39% for Class C, and 1.92% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
SMALL CAP VALUE FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid
| ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $ 983.60 | $ 8.01 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,016.85 | $ 8.15 | |||||||
Actual - Class C * |
$1,000.00 | $ 980.20 | $11.70 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.11 | $11.90 | |||||||
Actual - Class I * |
$1,000.00 | $ 984.90 | $ 6.78 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.10 | $ 6.89 |
* | Expenses are equal to the Funds annualized expense ratio of 1.62% for Class A, 2.37% for Class C and 1.37% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Large/Mid Cap Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of -1.64% for Class A, -1.98% for Class C, and -1.51% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
111
Expense Examples (Unaudited)(Continued)
March 31, 2022
LARGE/MID CAP VALUE FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $1,084.00 | $ 6.86 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,018.35 | $ 6.64 | |||||||
Actual - Class C * |
$1,000.00 | $1,080.70 | $10.74 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,014.61 | $10.40 | |||||||
Actual - Class I * |
$1,000.00 | $1,085.60 | $ 5.56 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,019.60 | $ 5.39 |
* | Expenses are equal to the Funds annualized expense ratio of 1.32% for Class A, 2.07% for Class C, and 1.07% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Fixed Income Funds ending account value on the first line of each share class in the table is based on its actual total return of 8.40% for Class A, 8.07% for Class C, and 8.56% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
FIXED INCOME FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $ 942.40 | $4.26 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,020.54 | $4.43 | |||||||
Actual - Class C * |
$1,000.00 | $ 939.30 | $7.88 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,016.80 | $8.20 | |||||||
Actual - Class I * |
$1,000.00 | $ 944.00 | $3.05 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,021.79 | $3.18 |
* | Expenses are equal to the Funds annualized expense ratio of 0.88% for Class A, 1.63% for Class C, and 0.63% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Fixed Income Funds ending account value on the first line of each share class in the table is based on its actual total return of -5.76% for Class A, -6.07% for Class C, and -5.60% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
HIGH YIELD BOND FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $ 959.10 | $5.18 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,019.65 | $5.34 | |||||||
Actual - Class C * |
$1,000.00 | $ 954.20 | $8.82 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,015.91 | $9.10 | |||||||
Actual - Class I * |
$1,000.00 | $ 960.20 | $3.96 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,020.89 | $4.08 |
** | Expenses are equal to the Funds annualized expense ratio of 1.06% for Class A, 1.81% for Class C, and 0.81% for Class I which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The High Yield Bond Funds ending account value on the first line of each share class in the table is based on its actual total return of -4.09% for Class A, -4.58% for Class C, and -3.98% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
112
Expense Examples (Unaudited)(Continued)
March 31, 2022
DEFENSIVE STRATEGIES FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $1,103.30 | $ 7.76 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.55 | $ 7.44 | |||||||
Actual - Class C * |
$1,000.00 | $1,098.90 | $11.67 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.81 | $11.20 | |||||||
Actual - Class I * |
$1,000.00 | $1,104.50 | $ 6.45 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.80 | $ 6.19 |
* | Expenses are equal to the Funds annualized expense ratio of 1.48% for Class A, 2.23% for Class C and 1.23% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Defensive Strategies Funds ending account value on the first line of each share class in the table is based on its actual total return of 10.33% for Class A, 9.89% for Class C and 10.45% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
STRATEGIC GROWTH FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $ 993.50 | $4.62 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,020.29 | $4.68 | |||||||
Actual - Class C * |
$1,000.00 | $ 989.90 | $8.33 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,016.55 | $8.45 |
* | Expenses are equal to the Funds annualized expense ratio of 0.93% for Class A and 1.68% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Strategic Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of -0.65% for Class A and -1.01% for Class C for the six-month period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
CONSERVATIVE GROWTH FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $ 980.20 | $4.49 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,020.39 | $4.58 | |||||||
Actual - Class C * |
$1,000.00 | $ 976.90 | $8.18 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,016.65 | $8.35 |
* | Expenses are equal to the Funds annualized expense ratio of 0.91% for Class A and 1.66% for Class C, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Conservative Growth Funds ending account value on the first line of each share class in the table is based on its actual total return of -1.98% for Class A and -2.31% for Class C for the six-month period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
113
Expense Examples (Unaudited)(Continued)
March 31, 2022
ISRAEL COMMON VALUES FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $1,104.50 | $ 7.77 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,017.55 | $ 7.44 | |||||||
Actual - Class C * |
$1,000.00 | $1,100.90 | $11.68 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,013.81 | $11.20 | |||||||
Actual - Class I * |
$1,000.00 | $1,105.80 | $ 6.46 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,018.80 | $ 6.19 |
* | Expenses are equal to the Funds annualized expense ratio of 1.48% for Class A, 2.23% for Class C and 1.23% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Israel Common Values Funds ending account value on the first line of each share class in the table is based on its actual total return of 10.45% for Class A, 10.09% for Class C and 10.58% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
GROWTH & INCOME FUND
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period | ||||||||
10/1/2021 | 3/31/2022 | 10/1/2021 through
| ||||||||
Actual - Class A * |
$1,000.00 | $1,059.60 | $ 6.16 | |||||||
Hypothetical - Class A ** |
$1,000.00 | $1,018.95 | $ 6.04 | |||||||
Actual - Class C * |
$1,000.00 | $1,056.50 | $10.00 | |||||||
Hypothetical - Class C ** |
$1,000.00 | $1,015.21 | $ 9.80 | |||||||
Actual - Class I *** |
$1,000.00 | $1,062.30 | $ 4.88 | |||||||
Hypothetical - Class I ** |
$1,000.00 | $1,020.19 | $ 4.78 |
* | Expenses are equal to the Funds annualized expense ratio of 1.20% for Class A, 1.95% for Class C and 0.95% for Class I, which is net of any expenses paid indirectly, multiplied by the average account value over the period, multiplied by 182 days/365 days (to reflect the partial year period). The Growth & Income Funds ending account value on the first line of each share class in the table is based on its actual total return of 5.96% for Class A, 5.65% for Class C and 6.23% for Class I for the period of October 1, 2021, to March 31, 2022. |
** | Assumes a 5% return before expenses. |
114
Supplemental Information
March 31, 2022 (Unaudited)
Timothy Plan Family of Funds
Investment Advisory Agreements between the Trust and Timothy Partners, Ltd. (TPL)
The Trustees considered the Investment Advisory Agreements between the Trust and Timothy Partners, Ltd. (the Advisor or TPL), for all Funds in the Trust. The Trustees first noted the discussions that had taken place the day before with Mr. Ally, and the information he had provided to the Trustees on behalf of TPL. The Trustees incorporated those discussions into their considerations. Trust counsel again reviewed the standards of review required of Trustees, and Independent Trustees in particular, with respect to the renewal of advisory and sub-advisory agreements. Fund counsel also reviewed the five required areas of inquiry that a Trustees must consider when renewing such agreements. Mr. Jones then answered questions from the Trustees relating to their obligations. After receiving satisfactory answers from Trust counsel, the Trustees began their consideration of the Advisory Agreements.
The Trustees reviewed the questionnaire responses provided by TPL and the related documents in support of those responses. With respect to the questionnaire responses, the Trustees noted that the questionnaire appeared to fully include requests for information relating to all five areas of required inquiry, and that with two exceptions, TPLs responses appeared to be more than adequate. The Trustees then generally reviewed TPLs responses, including but not limited to the conduct of its business operations and personnel changes, a description of the compensation received by TPL from the Funds, information relating to the Advisors compliance and operational policies and procedures, and a description of any material legal proceedings or securities enforcement proceedings regarding TPL or its personnel (there were none of either). In addition, the Trustees had requested and received financial statements of TPL for its fiscal year ended December 31, 2021, and noted that updated financial statements were provided at each Trustees Meeting.
Initially, the Trustees reviewed and discussed at length the Advisors experience and consistency in incorporating and implementing the unique, biblically-based management style that is a stated objective of all the Funds, as set forth in the Funds prospectus. The Trustees noted that the Adviser had managed the Funds since their inceptions, had developed, implemented and provided continuous monitoring of the Biblically Responsible Investing (BRI) screens utilized by the Trust, oversaw and monitored the ongoing activities of the Funds various sub-advisers, and provided general management services to the Trust. In each of these areas, the Trustees unanimously agreed that TPL had performed well and had met or exceeded the Trusteess expectations.
The Trustees reviewed reports from TPL relating to the fees charged by TPL, both as an aggregate and in relation to fees charged by other advisors to similar funds. The materials prepared by TPL were provided to the Trustees in advance of the meeting. The Trustees considered the fees charged by TPL in light of the services provided to the Funds by TPL, the unique nature of the Funds and their moral screening requirements, which are maintained by TPL, and TPLs role as a manager of managers. The Trustees also noted that the Adviser had been voluntarily waiving a portion of its advisory fee for several Trust funds in order to lower the overall expenses of those Funds. After full and careful consideration of the materials presented to the Trustees, the Trustees made the following conclusions: The fees charged by TPL for each Fund were not as low as some of its competitors, but the fees were not as high or higher than other competitors. Given that TPLs fees fell into the upper median of fees charged, the Trustees concluded that the fees were not so high as to fall outside the realm of fees negotiated at arms length. Further, the Trustees noted with approval that the Adviser was voluntarily waiving a portion of its fees for certain Funds. That fact reinforced the Trustees conclusion that TPL was charging appropriate fees. In light of the unique facts and circumstances applicable to this Trust, the Trustees agreed that the fees charged by TPL were fair and reasonable in light of the services provided to the Funds.
The Trustees next discussed the nature, extent and quality of TPLs services to the Funds. In particular, the Trustees noted with approval TPLs commitment to maintaining certain targeted expense ratios for the Funds, its efforts in providing comprehensive and consistent moral screens to the investment managers, its efforts in maintaining appropriate oversight of the investment managers to each Fund, and its efforts to maintain ongoing regulatory compliance for the Funds.
The Trustees also discussed TPLs current fee structure and whether such structure would allow the Funds to realize economies of scale as they grow. The Trustees noted that TPLs current fee structure did not include breakpoints that would reduce the Advisers fee rate as the Fund grew in assets. The Trustees noted the discussion with Mr. Ally, where he acknowledged that at some point, breakpoints would be appropriate for certain Funds, but not at present. The Trustees also noted that the Adviser was currently voluntarily waiving a portion of its fees for certain Funds, which acted as a substitute for formal breakpoints. After full discussion, the Trustees agreed that breakpoints should be considered at some point to better allow the Funds to achieve economies of scale, but would not impose them at this time.
The Trustees next considered the investment performance of each Fund and the Advisors performance in monitoring the investment managers of the underlying funds. The Trustees noted that comprehensive performance information was provided at each Trustees Meeting, and the Trustees incorporated that information into their considerations. The Trustees, in its review of performance, generally approved of each Funds performance, noting that the Funds invested in a manner that did not rely exclusively on investment return. The Trustees acknowledged that the screening process employed by TPL disqualified a number of companies that constituted major contributors to the Funds underlying benchmark indices. Accordingly, th Trustees noted that in rising markets, absent compensating efforts by the Adviser and Sub-Advisers, the Funds would tend to under perform the market. In falling markets, the opposite should be the general case. After review of the Funds performance over time, the Trustees concluded that Fund performance was adequate and that the Adviser was performing this function in a professional manner. Further, the Trustees noted with approval that the investment managers of each Fund did not succumb to style drift in their management of each Funds assets, and that each Fund was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval the Advisors ongoing efforts to maintain such consistent investment discipline.
The Trustees then reviewed the internal operations of TPL and examined whether or not TPL received any ancillary benefits from its relationship with the Trust. The Trustees noted that the Advisors business was devoted exclusively to serving the Funds, and that the Advisor did not realize any material ancillary benefits or profits deriving from its relationship with the Funds. The Trustees further noted with approval the Advisors past activities on monitoring the performance of the underlying Funds various investment managers and the promptness and efficiency with which problems were brought to the Trusteess attention and responsible remedies offered and executed. The Trustees then discussed two questionnaire responses from TPL relating to TPLs internal operations. First, the Trustees discussed TPLs response to the question concerning compensation and whether TPL had a compensation plan in place to attract and retain highly qualified individuals. The Trustees expressed concern that TPLs response did not provide sufficient detail to allow the Trustees to
115
Supplemental Information (Continued)
March 31, 2022 (Unaudited)
Timothy Plan Family of Funds
come to a reasonable conclusion with respect to this issue. Further, TPL had disclosed that during the past year, two of its wholesaler staff had resigned. Further inquiry had revealed that their resignations were compensation related. After full discussion, the Trustees agreed that the Adviser should be offered the opportunity to provide a more comprehensive response, especially with respect to recruiting and retaining quality personnel. Next, the Trustees reviewed TPLs proposed succession plan. The Trustees noted that the succession plan did not address the scenario where the head of TPL suddenly died or became incapacitated. This was problematic because during the prior days discussions with Mr. Ally, he had informed the Trustees that his proposed succession plan would not be immediately implemented because his chosen successors were not currently qualified to take over and he was not yet ready to step down. The Trustees were also very concerned about the qualifications, both now and in the future, of the personnel chosen by Mr. Ally to succeed him. The Trustees, several of whom are highly experienced businessmen, noted how rare it is for a person to possess all the business acumen and qualities that Art Ally possesses. The Trustees noted that in his succession Plan, Mr. Ally designated three different people to take over functions that he now performs alone. The Trustees also noted how difficult it is for a family business to make the transition from a family business to a large enterprise. The Trustees agreed that the Trust was no longer a small business, but was transitioning into a large enterprise, and in order to successfully make that transition, highly professional and experienced personnel would be required at the Adviser. The Trustees lastly noted for the record that in March, 2020, they had dispatched Mr. Ross and Mr. Jones to meet in person with Mr. Ally and express their concern with Mr. Allys succession planning. The Trustees unanimously agreed that the Advisers current succession plan is inadequate. The Trustees then formed a Succession Committee composed of Messrs. Ross, Mulder and Bissonette to work with the Adviser to create an acceptable succession plan that addressed both catastrophic and longer term scenarios.
After careful discussion and consideration, the Independent Trustee, themselves constituting a majority of the Trusteess Trustees, unanimously voted to renew the Advisory Agreements until August 31, 2022 in order to give the Adviser sufficient time to address the Trustees concerns relating to compensation and succession. Mr. Ally and Mr. Tsague, by proxy given to Alan Ross, abstained from the vote. The Succession Committee was tasked with interfacing with the Advisor and working with Mr. Ally in an effort to address those concerns. In approving the renewal of the IA Agreement, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the IA Agreement renewal.
Subsequent considerations from the Timothy Plan Board Meeting held on May 13, 2022. Following the final panel presentation, the Independent Trustees met with legal counsel outside the presence of Trust management and the Interested Trustees.
The Independent Trustees discussed general Trust matters, then turned their attention to the ongoing discussions with the Adviser concerning the Advisers short and long term succession plans. The Succession Committee, composed of John Mulder, Alan Ross and Dale Bissonnette, reported on the progress being made and the activities of Patrice Tsague in working with the Adviser to develop a robust and workable plan. The Committee reported that it had made several recommendations to the Adviser and Mr. Tsague, among the most important of which was emphasizing the need to have a two-pronged succession plan covering long term outlook and sudden catastrophic loss.
The Committee reported that it had become apparent that the Adviser, despite its best efforts, would be hard pressed to complete its work before the August Board Meeting. The Trustees then discussed at length the steps they could take to both relieve the pressure on the Adviser and also continue to make the Adviser aware of how important this matter was to the Board.
After full and complete discussions concerning succession and the Advisers process in creating a robust plan, and in order to demonstrate the Trustees concern that the Adviser engage in a professional process of identifying highly qualified candidates for executive management positions, the Independent Trustees agreed to strongly recommend that the Adviser take the following actions to ensure that it successfully develops an appropriate succession plan in a timely manner;
1. | The Adviser should engage the services of an independent, third party professional search and evaluation firm (the Firm) and pay all costs associated with its efforts to assist in the development of its succession plan; and |
2. | The Firm will develop full job descriptions and qualification criteria for each executive management position; and |
3. | The Firm will evaluate existing staff at the Adviser with the goal of identifying personnel who are qualified to assume the role of Chief Executive Officer, both in the short and long term; and |
4. | The Firm will evaluate and propose candidates from outside the Adviser, based on the job descriptions and qualification requirements it has developed. |
After full and complete discussion, with each Trustee individually consenting to the proposed recommendations to the Adviser, and after consultation with legal counsel, the Independent Trustees, being a majority of the entire Board, resolved that the Investment Advisory Agreement by and between the Trust and Timothy Partners, Ltd. be renewed and extended until February 28, 2023.
Victory Capital Management: Sub-Advisor to the US Large Mid Cap Core ETF, High Dividend Stock ETF, International ETF, and US Small Cap Core ETF.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Victory Capital Management (Victory), on behalf of the Timothy Plan US Large Mid Cap Core ETF, High Dividend Stock ETF, International ETF, US Small Cap Core ETF, US Large Mid Cap Core Enhanced ETF and High Dividend Stock Enhanced ETF. The Trustees considered the following factors in arriving at its conclusions to renew the Victory Sub-Advisory Agreement. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Victory and the job it had done for the ETFs over the past year, and his opinion that without question the Victory Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day
116
Supplemental Information (Continued)
March 31, 2022 (Unaudited)
Timothy Plan Family of Funds
by UBS PRIME Consultants. The Trustees then considered the fees charged by Victory in light of the services provided by Victory. The Trustees noted that the fees payable to Victory were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Victory. After full and careful consideration, the Trustees, the Trustees agreed that the fees charged by Victory and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Victory. Next, the Trustees discussed the nature, extent and quality of Victorys services to each Fund, including the investment performance of the Funds under Victorys investment management. The Trustees generally approved of Victorys performance, noting that the Funds managed by Victory invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted the Funds managed by Victory were ETFs based on proprietary indices and that fund performance should closely follow index performance. The Trustees noted that they had examined ETF performance vs each Funds index and the performance correlations were adequate. The Trustees noted with approval Victorys ongoing efforts to maintain such consistent investment discipline, as well as Victorys service to the Funds in creating, implementing and monitoring the proprietary indices upon which the ETFs were built. Next, the Trustees considered whether Victorys current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was moot with respect to the Victory Sub-Advisory Agreement because Victory was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Victory Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Victory Sub-Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Victory Sub-Advisory Agreement renewal. Mr. Ally and Mr. Tsague voted by proxy held by Mr. Ross.
Westwood Management Corporation; Sub-Advisor to the Large/Mid Cap Value and the Small Cap Value Funds.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Westwood Management Corporation (Westwood), on behalf of the Timothy Plan Small Cap Value and Large/Mid Cap Value Funds. The Trustees considered the following factors in arriving at its conclusions to renew the Westwood Sub-Advisory Agreement for an additional year. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Westwood and the job it had done for the Funds over the past year, and his opinion that without question the Westwood Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees then considered the fees charged by Westwood in light of the services provided by Westwood. The Trustees then considered the fees charged by Victory in light of the services provided by Victory. The Trustees noted that the fees payable to Westwood were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Westwood. After full and careful consideration, the Trustees agreed that the fees charged by Westwood and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Westwood. Next, the Trustees discussed the nature, extent and quality of Westwoods services to each Fund, including the investment performance of the Funds under Westwoods investment management. The Trustees generally approved of Westwoods performance, noting that the Funds managed by Westwood invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted with approval that Westwood did not succumb to style drift in its management of each Funds assets, and that Westwood was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval Westwoods ongoing efforts to maintain such consistent investment discipline. Next, the Trustees considered whether Westwoods current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was moot with respect to the Westwood Sub-Advisory Agreement because Westwood was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Westwood Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Westwood Sub-Advisory Agreement for an additional one year period, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Westwood Sub-Advisory Agreement renewal. Mr. ally and Mr. Tsague voted by proxy held by Mr. Ross.
Barrow, Hanley, Mewhinney & Strauss; Sub-Advisor for the Fixed Income, High Yield Bond, Defensive Strategies TIPS sleeve, and fixed income sleeve of the Growth and Income Fund.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Barrow, Hanley, Mewhinney & Strauss (BHM&S), on behalf of the Timothy Plan Fixed Income, High Yield Bond, Defensive Strategies TIPS sleeve, and fixed income sleeve of the Growth and Income Funds. The Trustees considered the following factors in arriving at its conclusions to renew the BHM&S Sub-Advisory Agreement for an additional year. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Westwood and the job it had done for the Funds over the past year, and his opinion that without question the Westwood Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees then considered the fees charged by BHM&S in light of the services provided by BHM&S to other similar clients. The Trustees noted that the fees payable to BHM&S were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by BHM&S. After full and careful consideration, the Trustees separately agreed that the fees charged by BHM&S and paid out of the fees received by TPL were fair and reasonable in light of the services provided by BHM&S. Next, the Trustees discussed the nature, extent and quality of BHM&Ss services to each Fund, including the investment performance of the Funds under BHM&Ss investment management. The Trustees generally approved of BHM&Ss performance, noting that the Funds managed by BHM&S invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted with approval that BHM&S did not succumb to style drift in its management of each Funds assets, and that BHM&S was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval BHM&Ss ongoing efforts to maintain such consistent investment discipline. Next, the Trustees considered whether BHM&Ss current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was moot with respect to the BHM&S
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Supplemental Information (Continued)
March 31, 2022 (Unaudited)
Timothy Plan Family of Funds
Sub-Advisory Agreement because BHM&S was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the BHM&S Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the BHM&S Sub-Advisory Agreement for an additional one year period, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the BHM&S Sub-Advisory Agreement renewal. Mr. Ally and Mr. Tsague voted by proxy held by Mr. Ross.
Chartwell Investment Partners; Sub-Advisor to the Aggressive Growth and Large/Mid Cap Growth Funds.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Chartwell Investment Partners (Chartwell), on behalf of the Timothy Plan Aggressive Growth and Large/Mid Cap Growth Funds. The Trustees considered the following factors in arriving at its conclusions to renew the Chartwell Sub-Advisory Agreement for an additional year. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Westwood and the job it had done for the Funds over the past year, and his opinion that without question the Westwood Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees next considered the fees charged by Chartwell in light of the services provided by Chartwell. The Trustees noted that the fees payable to Chartwell were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Chartwell. After full and careful consideration, the Trustees agreed that the fees charged by Chartwell and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chartwell. Next, the Trustees discussed the nature, extent and quality of Chartwells services to each Fund, including the investment performance of the Funds under Chartwells investment management. The Trustees generally approved of Chartwells performance, noting that the Funds managed by Chartwell invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted with approval that Chartwell did not succumb to style drift in its management of each Funds assets, and that Chartwell was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval Chartwells ongoing efforts to maintain such consistent investment discipline. Next, the Trustees considered whether Chartwells current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was moot with respect to the Chartwell Sub-Advisory Agreement because Chartwell was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chartwell Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Chartwell Sub-Advisory Agreement for an additional one year period, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Chartwell Sub-Advisory Agreement renewal. Mr. ally ad Mr. Tsague voted via proxy held by Mr. Ross.
Chilton Capital Partners, LLC; Sub-Advisor to the Defensive Strategies Fund REITs sleeve.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Chilton Capital Partners, LLC (Chilton), on behalf of the Timothy Plan Defensive Strategies Fund REITs sleeve. The Trustees considered the following factors in arriving at its conclusions to renew the Chilton Sub-Advisory Agreement for an additional year. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Chilton and the job it had done for the Funds over the past year, and his opinion that without question the Chilton Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees next considered the fees charged by Chilton in light of the services provided by Chilton. The Trustees noted that the fees payable to Chilton were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Chilton. After full and careful consideration, the Trustees, the Trustees agreed that the fees charged by Chilton and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Chilton. Next, the Trustees discussed the nature, extent and quality of Chiltons services to the Funds, including the investment performance of the Funds under Chiltons investment management. The Trustees generally approved of Chiltons performance, noting that the Funds managed by Chilton invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted with approval that Chilton did not succumb to style drift in its management of the Funds assets, and that Chilton was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval Chiltons ongoing efforts to maintain such consistent investment discipline. Next, the Trustees considered whether Chiltons current fee structure would allow the Fund to realize economies of scale as it grows. The Trustees decided that this particular factor was moot with respect to the Chilton Sub-Advisory Agreement because Chilton was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Chilton Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Chilton Sub-Advisory Agreement for an additional one year period, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Chilton Sub-Advisory Agreement renewal. Mr. ally and Mr. Tsague voted via proxy held by Mr. Ross.
CoreCommodity Management, LLC; Sub-Advisor to the Defensive Strategies Fund commodities sleeve.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and CoreCommodity Management, LLC (Core), on behalf of the Timothy Plan Defensive Strategies Fund commodity sleeve. The Trustees considered the following factors in arriving at its conclusions to renew the Core Sub-Advisory Agreement. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Core and the job it had done for the Fund over the past year, and his opinion that without question the Chilton Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees next considered the fees charged by Core in light of the services provided by Core. The Trustees noted that the fees payable to Core were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the
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Supplemental Information (Continued)
March 31, 2022 (Unaudited)
Timothy Plan Family of Funds
Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Core. After full and careful consideration, the Trustees, with the independent trustees separately concurring, agreed that the fees charged by Core and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Core. Next, the Trustees discussed the nature, extent and quality of Cores services to the Fund, including the investment performance of the Fund under Cores investment management. The Trustees generally approved of Cores performance, noting that the Fund managed by Core invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted with approval that Core did not succumb to style drift in its management of the Funds assets, and that Core was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval Cores ongoing efforts to maintain such consistent investment discipline. Next, the Trustees considered whether Cores current fee structure would allow the Fund to realize economies of scale as it grows. The Trustees decided that this particular factor was moot with respect to the Core Sub-Advisory Agreement because Core was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Core Sub-Advisory Agreement would be in the best interests of the Funds shareholders. In approving the renewal of the Core Sub-Advisory Agreement, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Core Sub-Advisory Agreement renewal. Mr. Ally and Mr. Tsague voted via proxy held by Mr. Ross.
Eagle Global Advisors; Sub-Advisor to the International Fund and Israel Common Values Fund.
The Trustees next considered the Sub-Advisory Agreement between the Trust, TPL and Eagle Global Advisors (Eagle), on behalf of the Timothy Plan International Fund and Israel Common Values Fund. The Trustees considered the following factors in arriving at its conclusions to renew the Eagle Sub-Advisory Agreement for an additional year. The Trustees first noted that Mr. Ally had expressed his unqualified approval of Eagle and the job it had done for the Funds over the past year, and his opinion that without question the Eagle Agreement should be renewed for an additional year. The Trustees also noted the favorable review given the previous day by UBS PRIME Consultants. The Trustees noted that the fees payable to Eagle were not obligations of the Trust, but were paid by TPL out of the advisory fees received by TPL. Accordingly, the Trustees inquiry was limited to whether those fees represented a fair percentage of the overall fees paid to TPL by the subject Funds in light of the services provided by Eagle. The Trustees next considered the fees charged by Eagle in light of the services provided by Eagle. After full and careful consideration, the Trustees, with the independent trustees separately concurring, agreed that the fees charged by Eagle and paid out of the fees received by TPL were fair and reasonable in light of the services provided by Eagle. Next, the Trustees discussed the nature, extent and quality of Eagles services to the Funds, including the investment performance of the Funds under Eagles investment management. The Trustees generally approved of Eagles performance, noting that the Funds managed by Eagle invested in a manner that did not rely exclusively on investment performance. Further, the Trustees noted with approval that Eagle did not succumb to style drift in its management of the Funds assets, and that Eagle was committed to maintain its investment mandate, even if that meant under performance during periods when that style was out of favor. The Trustees noted with approval Eagles ongoing efforts to maintain such consistent investment discipline. Next, the Trustees considered whether Eagles current fee structure would allow the Funds to realize economies of scale as they grow. The Trustees decided that this particular factor was moot with respect to the Eagle Sub-Advisory Agreement because Eagle was paid out of the fees paid to TPL. After careful discussion and consideration, the Trustees, including the independent Trustees separately concurring, unanimously determined that the renewal of the Eagle Sub-Advisory Agreement for another one-year period would be in the best interests of the Funds shareholders. In approving the renewal of the Eagle Sub-Advisory Agreement for an additional one year period, the Trustees did not place specific emphasis on any one factor discussed above, but considered all factors in equal light. Further, the Trustees had available and availed themselves of the assistance of legal counsel at all times during their consideration of the Eagle Sub-Advisory Agreement renewal. Mr. Ally and Mr. Tsague voted via proxy held by Mr. Ross.
There being no further business to come before the Trustees, the Meeting was adjourned by acclimation.
Respectfully submitted,
David D. Jones, Esq.
Recording Secretary
119
Liquidity Risk Management Program (Unaudited)
Timothy Plan Family of Funds
The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the Liquidity Rule) under the Investment Company Act. The program is reasonably designed to assess and manage each Funds liquidity risk, taking into consideration, among other factors, the Funds investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds Board of Trustees approved the appointment of a Liquidity Program Administrator (LPA) comprised of the Trusts Liquidity Risk Management Program Committee, which includes representatives from the Funds investment adviser and liquidity consultant. The LPA is responsible for the programs administration and oversight and for reporting to the Board on at least an annual basis regarding the programs operation and effectiveness. The LPA updated its assessment of each Funds liquidity risk profile, considering additional data gathered in the 12 months ended November 30, 2021 and the adequacy and effectiveness of the liquidity risk management programs operations since its inception on December 1, 2018 (the Review Period) in order to prepare a written report for the Board of Trustees (the Report) for consideration at its meeting held in February, 2022.
During the Review Period, none of the Funds experienced excess stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. None of the Funds had a significant amount of illiquid investments and none required a determination as to a highly liquid investment minimum. The Report concluded that (i) the Funds liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds liquidity risk management program has been effectively implemented.
120
Privacy Notice
FACTS |
WHAT DOES THE TIMOTHY PLAN DO WITH YOUR PERSONAL | |
INFORMATION?
|
WHY? |
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing.Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do. | |
WHAT? |
The types of information we collect and share depend on the product or service you have with us. This information can include: Social Security Number Assets Retirement Assets Transaction History Checking Account History Purchase History Account Balances Account Transactions Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this Notice. | |
HOW? |
All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers personal information; the reasons The Timothy Plan chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information. | Does The Timothy Plan share? | Can you limit this sharing? | ||
For our everyday business purposes- Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. |
Yes | No | ||
For our marketing purposes- to offer our products and services to you. |
No | We dont share | ||
For joint marketing with other financial companies | No | We dont share | ||
For our affiliates everyday business purposes-information about your transactions and experiences. | Yes | No | ||
For our affiliates everyday business purposes-information about your creditworthiness | No | We dont share | ||
For non-affiliates to market to you | No | We dont share | ||
Questions?
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Call 800-662-0201
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Page 2
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Who we are
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Who is providing this Notice? | Timothy Plan Family of Mutual Funds | |
Timothy Partners, Ltd.
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What we do
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How does The Timothy Plan protect your personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. | ||
How does The Timothy Plan collect your personal information? |
We collect your personal information, for example, when you Open an account Provide account information Give us your contact information Make deposits or withdrawals from your account Make a wire transfer Tell us where to send the money Tell us who receives the money Show your government-issued ID Show your drivers license We also collect your personal information from other companies. | |
Why cant I limit all sharing? |
Federal law gives you the right to limit only: Sharing for affiliates everyday business purposes-information about your creditworthiness. Affiliates from using your information to market to you. Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
Definitions
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Affiliates | Companies related by common ownership or control. They can be financial and non-financial companies.
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Timothy Partners, Ltd. is an affiliate of The Timothy Plan
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Non-affiliates | Companies not related by common ownership or control. They can be financial and non-financial companies. | |
The Timothy Plan does not share with non-affiliates so they can market to you.
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Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products to you.
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The Timothy Plan does not jointly market.
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Customer Identification Program
The Board of Trustees of the Trust has approved procedures designed to prevent and detect attempts to launder money as required under the USA PATRIOT Act. The day-to-day responsibility for monitoring and reporting any such activities has been delegated to the transfer agent, subject to the oversight and supervision of the Board.
122
Disclosures
HOW TO OBTAIN PROXY VOTING INFORMATION
Information regarding how the Funds voted proxies relating to Fund securities during the period ended June 30 of well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-800-732-0330 or by referring to the Security and Exchange Commissions (SEC) website at http://www.sec.gov
HOW TO OBTAIN 1ST AND 3RD FISCAL QUARTER PORTFOLIO HOLDINGS
The Trust files a complete listing of the Funds portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-Qs successor form, Form N-PORT. The filings are available free of charge, upon request, by calling the Trust toll-free at 1-800-662-0201. Furthermore, you may obtain a copy of these filings on the SECs website at www.sec.gov.
123
BOARD OF TRUSTEES | ||
Arthur D. Ally | ||
Rick Copeland | ||
Deborah Honeycutt | ||
Bill Johnson | ||
John C. Mulder | ||
Scott Preissler | ||
Alan Ross | ||
Mathew D. Staver | ||
Patrice Tsague | ||
Abraham M. Rivera | ||
Dale A. Bissonette | ||
OFFICERS | ||
Arthur D. Ally, President | ||
Joseph E. Boatwright, Secretary | ||
Terry Covert, Vice President | ||
Cheryl Mumbert, Vice President | ||
David D. Jones, Chief Compliance Officer | ||
INVESTMENT ADVISOR | ||
Timothy Partners, Ltd. | ||
1055 Maitland Center Commons | ||
Maitland, FL 32751 | ||
DISTRIBUTOR | ||
Timothy Partners, Ltd. | ||
1055 Maitland Center Commons | ||
Maitland, FL 32751 | ||
TRANSFER AGENT | ||
Ultimus Fund Solutions, LLC | ||
4221 N. 203rd St, Suite 100 | ||
Elkhorn, NE 68022-3474 | ||
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | ||
Cohen & Company, Ltd. | ||
1350 Euclid Ave., Suite 800 | ||
Cleveland, OH 44115 | ||
LEGAL COUNSEL | ||
David D Jones, Esq. | ||
20770 Hwy 281 N., Suite 108-619 | ||
San Antonio, TX 78258 | ||
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HEADQUARTERS | ||
For additional information or a prospectus, please call: 1-800-846-7526 Visit the Timothy Plan web site on the internet at: www.timothyplan.com
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus which includes details regarding the Funds objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd. |
The Timothy Plan 1055 Maitland Center Commons Maitland, Florida 32751
(800) 846-7526
www.timothyplan.com invest@timothyplan.com
SHAREHOLDER SERVICES
Ultimus Fund Solutions, LLC 4221 N. 203rd St, Suite 100 Elkhorn, NE 68022-3474
(800) 662-0201 |
TP-SAR22
(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Item 2. Code of Ethics. NOT APPLICABLE disclosed with annual report
Item 3. Audit Committee Financial Expert. NOT APPLICABLE- disclosed with annual report
Item 4. Principal Accountant Fees and Services. NOT APPLICABLE disclosed with annual report
Item 5. Audit Committee of Listed Companies. NOT APPLICABLE applies to listed companies only
Item 6. Schedule of Investments. NOT APPLICABLE schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. NOT APPLICABLE applies to closed-end funds only
Item 8. Portfolio Managers of Closed-End Management Investment Companies. NOT APPLICABLE applies to closed-end funds only
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. NOT APPLICABLE applies to closed-end funds only
Item 10. Submission of Matters to a Vote of Security Holders. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrants board of trustees.
Item 11. Controls and Procedures.
(a) | Based on an evaluation of the Registrants disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis. |
(b) There were no significant changes in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. NOT APPLICABLE.
Item 13. Exhibits.
(a)(1) |
Not Applicable filed with annual report | |
(a)(2) |
||
(a)(3) |
Not Applicable | |
(b) |
-2-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Timothy Plan
By |
/s/ Arthur D. Ally |
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
Date |
6/6/22 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By |
/s/ Arthur D. Ally |
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
Date |
6/6/22 |
-3-
EX-99.CERT 2 cert99.htm SECTION 302 CERTIFICATIONS
SECTION 302 CERTIFICATIONS
I, Arthur D. Ally, certify that:
1. I have reviewed this report on Form N-CSR of the Timothy Plan;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date |
6/6/22 |
/s/ Arthur D. Ally | ||||
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer |
-4-
EX-99.906 CERT 3 cert906.htm SECTION 906 CERTIFICATION
SECTION 906 CERTIFICATION
Arthur D. Ally, Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer of the Timothy Plan (the Registrant), certifies to the best of his knowledge that:
1. The Registrants periodic report on Form N-CSR for the period ended March 31, 2022 (the Form N-CSR) fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and
2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Arthur D. Ally, President/Principle Executive Officer & Treasurer/Principle Financial Officer
Timothy Plan
/s/ Arthur D. Ally |
||||
Arthur D. Ally |
Date |
6/6/22 |
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Timothy Plan and will be retained by the Timothy Plan and furnished to the Securities and Exchange Commission (the Commission) or its staff upon request.
This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.
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